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Private pensions firms react to union calls

Peter Socha, the head of the Association Pension Fund Management Companies (ADSS), said ADSS members are surprised by a statement on Tuesday, February 24, by the Trade Unions Confederation (KOZ), asking for a decrease in levies to the second – or capitalisation - pillar of the pension system from the current 9 percent to 4 percent.

Peter Socha, the head of the Association Pension Fund Management Companies (ADSS), said ADSS members are surprised by a statement on Tuesday, February 24, by the Trade Unions Confederation (KOZ), asking for a decrease in levies to the second – or capitalisation - pillar of the pension system from the current 9 percent to 4 percent.

Speaking to the TASR newswire on February 24 in Bratislava, Socha said: “The current global economic crisis cannot be [used as] a reason for such interventions [in the second pillar], which would reduce savers’ rights. ADSS considers a decrease in the levies – leading to a reduction in people’s savings in the second pillar system – as being such an intervention.”

According to ADSS, the deduction proposal doesn’t have any economic justification and pension fund managers cannot agree to it. Socha said the two-pillar system with the current settings, is more profitable for the state finances than a single-pillar (i.e. wholly state-run) system would be. He said this was also confirmed by an analysis carried out for the Ministry of Labour, Social Affairs and the Family.

On the other hand, ADSS said it is willing to negotiate with the Government on opportunities for investment in important infrastructure projects, providing such investment is secure and profitable for savers. “We are ready to look for such solutions to help Slovakia carry out infrastructure-support projects during these times of crisis,” Socha concluded. 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.

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