Retirement age may be capped in Slovakia

Future generations will pay for this.

(Source: Sme)

Slovakia is one of the European countries most endangered by an ageing population. This does not only mean a less available labour force in the future but an increasing pressure to finance pensions for the increasing number of pensioners. To ease this burden the Robert Fico government introduced an automatic increase in the retirement age. Now his ruling Smer party wants to cap it. Some opposition parties as well as economists do not see it as a good idea since this would endanger the sustainability of public finances in the long run.

“If we do not cap the retirement age, children born this year will retire at the age of 71,” said Robert Fico, leader of Smer and former prime minister, after negotiating the capping of the retirement age with trade unions and Labour Minister Ján Richter on May 16. “We cannot simply accept this.”

They agreed that men and childless women should retire at the age of 65, women with one child at 64 and women with two and more children at 63 years.

Now parliament members for Smer will prepare a respective constitutional law and submit it to parliament by the end of next week for the deputies to deal with it at the June parliamentary session. So there will be an entire summer for discussion, said Fico. If adopted, it should become effective as of 2019.

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