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Pension value parameter to increase to almost €9

One of the parameters for calculating a pension from the pay-as-you-go pension system, the so-called "pension value", will increase from current Sk249.14 (€8.27) to Sk271 (€8.99) as of January 1, 2009, according to a draft measure submitted by the Labour and Social Affairs Ministry for interdepartmental review.

One of the parameters for calculating a pension from the pay-as-you-go pension system, the so-called "pension value", will increase from current Sk249.14 (€8.27) to Sk271 (€8.99) as of January 1, 2009, according to a draft measure submitted by the Labour and Social Affairs Ministry for interdepartmental review.

The "pension value" is a monetary expression of one working year at an average wage in a respective year. In line with the social insurance law, this value increases every year as of January 1 and it is valid until the end of the year.

The "pension value" is to increase as of January 1, 2009 by the year-on-year growth rate of the average wage in the third quarter of 2008. As the average wage in Slovakia grew 8.77 percent year-on-year in Q3, the pension value in 2008 will be increased by the same percentage. In addition to the pension value, an amount of pension also depends on the number of worked off years and the gross wage, from which a person's pension insurance premiums were calculated in individual years. SITA

Compiled by Zuzana Vilikovská from press reports
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