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Labour Ministry is ready to propose changes to Slovakia’s second pension pillar

Slovakia’s Labour Ministry has already prepared a list of proposed policy changes for Slovakia’s so-called second (capitalisation) pillar of the pension system, the TASR newswire wrote "What urged us to compile the list is the fact that the second pillar isn't working in the way it should at the moment, with savers' deposits increasing in value only minimally," Daniela Šulcová from the ministry press department told the TASR newswire.

Slovakia’s Labour Ministry has already prepared a list of proposed policy changes for Slovakia’s so-called second (capitalisation) pillar of the pension system, the TASR newswire wrote

"What urged us to compile the list is the fact that the second pillar isn't working in the way it should at the moment, with savers' deposits increasing in value only minimally," Daniela Šulcová from the ministry press department told the TASR newswire.

Under the newly proposed changes, which are expected to take effect in September this year, automatic sign-ups for the second pillar should be re-introduced for young people entering the labour force. The ministry also wants to specify more clearly which costs and fees can be covered from capital accumulated in pension funds.

"The current Government has decided to correct the flaws caused by the previous government and wants to make the second pillar work well," said Šulcová. The ministry’s amendment to the law is set to be discussed by the government in late April.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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