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Pension changes to be proposed

SLOVAKS with higher salary levels can expect to receive lower pensions in the future, with the Hospodárske Noviny daily writing that employees earning more than €980 per month will receive proportionally lower pensions in the future while those with salaries lower than the country’s average will receive more.

SLOVAKS with higher salary levels can expect to receive lower pensions in the future, with the Hospodárske Noviny daily writing that employees earning more than €980 per month will receive proportionally lower pensions in the future while those with salaries lower than the country’s average will receive more.

The Labour Ministry plans to introduce a gradual drop in the base for calculating pensions, often called the average personal wage base, for those with higher earnings. The daily wrote that a person currently earning €1,500 a month will have a base set at €1,420 and a person who plans to retire in 2020 will see the base limited to €1,300. Slovaks with salaries below the national average will have their base increased.

Vladimír Baláž, an analyst with the Slovak Academy of Sciences, told the daily that the change is a step towards sustainability for pensions paid by Sociálna Poisťovňa, the so-called first pension pillar administered by the state.

The Labour Ministry will also propose that the decision of whether a young worker will enter the privately-administered second pension pillar will be voluntary. Currently, all newly-hired young employees are automatically enrolled in the second pension pillar. The ministry also plans to make it easier for participants in the second pillar to withdraw, the daily reported.

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