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Pension valorisation scheme to change

The labour minister prefers setting a minimum valorisation limit for 2017 that will be expressed by a fixed amount and not by a percentage calculated from inflation.

(Source: Sme)

The scheme for increasing pensions in Slovakia is supposed to change next year, meaning that retirement pensions could increase by a fixed amount. Minister of Labour, Social Affairs and the Family Jan Richter (Smer) indicated that the changes might result in a pension increase of more than €8.

“The final proposal is a question of the very near future,” said Richter as cited by the TASR newswire. “It will be discussed mainly with the Finance Ministry in a legislative procedure and, of course, the motion has to be agreed by the coalition partners.”

The ambition of the minister is that pensions increase by more than 2 percent, regardless of future inflation, which would mean more than €8.

“However, this has to be financially bearable for the state budget,” said Richter.

Richter prefers setting a minimum valorisation limit for 2017 that will be expressed by a fixed amount and not by a percentage calculated from inflation, as is the case for this year. Although negative inflation last year brought a positive result for consumers, it caused a lower increase in pensions. As a result, pensions increased by €1.9 in 2016.

Meanwhile, the Labour Ministry is preparing several other changes to the pension system. Apart from modifying the valorisation scheme, changes are envisaged for the Christmas bonus and the private second pension pillar.

At the end of April the average old age pension in 5.4-million strong Slovakia was €414.70 when the number of pensioners amounted to almost 1.04 million. 

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