Spectator on facebook

Spectator on facebook

Tomanová: State to make up losses in second pillar

Labour and Social Affairs Minister Viera Tomanová restated on October 28 a warning that deposits in private second pillar accounts managed by private pension funds (DSS) are depreciating as a result of the current global financial crisis.

Labour and Social Affairs Minister Viera Tomanová restated on October 28 a warning that deposits in private second pillar accounts managed by private pension funds (DSS) are depreciating as a result of the current global financial crisis.

Speaking at a tripartite meeting among social partners, she said that, when adjusted for inflation, even conservative funds are suffering losses.

Tomanová vowed that the state will make up these losses for savers who opt out of the second pillar and return their savings to the pay-as-you-go system (first pillar) maintained by the national pension provider.

Her statement follows comments made recently by Vladimír Muňko, director general of SP. The Association of Pension Management Companies (DSSs) has responded by saying it firmly believes the financial crisis will have a minimal effect on pensions. TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Bratislava growing high Photo

High-rise buildings sprouting up in Bratislava

Visualisation of the future skyline of Bratislava

People of Pezinok fighting against landfill again

Dispute over controversial Pezinok waste dump, which started 18 years ago, continues.

The controversial landfill site in Pezinok

Crisis ends in Danko’s defeat

Education minister steps down following Fico’s call, Danko not ruling out he might leave politics.

Former education minister Peter Plavčan and PM Robert Fico on July 24.

First Slovak woman crossed the English Channel

Before her, only six Slovak men had managed to complete the difficult swim.