Second pension pillar in Slovakia loses 34,500 participants

Around 34,500 participants have chosen to leave the privately-administered second pillar of the Slovak pension system since it was permitted for people to opt in or out beginning last November, while another 10,000 new savers have entered the pillar, the spokesman for state-run social insurer Sociálna Poisťovňa, Peter Višváder, told the TASR newswire on Tuesday, June 30 - one day before the second pillar was again sealed off.

Around 34,500 participants have chosen to leave the privately-administered second pillar of the Slovak pension system since it was permitted for people to opt in or out beginning last November, while another 10,000 new savers have entered the pillar, the spokesman for state-run social insurer Sociálna Poisťovňa, Peter Višváder, told the TASR newswire on Tuesday, June 30 - one day before the second pillar was again sealed off.

“We'll know the definite number in four or five days," added Višváder.

The Labour, Social Affairs and the Family Ministry initially expected that the number of people abandoning the second pillar would range between 30,000 and 150,000. It said that it is satisfied with the result as at least the lower prediction was reached.

“Our primary task was to inform people about the advantages and disadvantages of the second pillar so that they would be able to decide correctly whether or not to stay in this pillar,” ministry spokesperson Michal Stuška told 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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