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Mihal: Increase in Retirement Age Would Be Unethical

Bratislava, September 21 (TASR) - An increase in the age of retirement (currently 62) would be an unethical move, as the life expectancy of men in Slovakia is only 71, Labour Minister Jozef Mihal (Freedom and Solidarity/SaS) said on Tuesday.

"I personally don't agree with increasing the retirement age ... as currently men enjoy their pensions for only nine years (on average). It's a very short time," said Mihal, adding that the Government must find other ways of saving. "For example, the upcoming change in valorisation of pensions will bring a potential saving of €150 million in 2012," said Mihal.

Meanwhile, Republic Union of Employers (RUZ) vice-president Jozef Spirko and INEKO institute director Peter Golias have a different opinion.

"Pensions make up as much as 75 percent of the insurer Slovenska Poistovna's expenditures ... I personally think that we will have to proceed with it (raising the retirement age) sooner or later. The later, the worse, of course," said Spirko.

"If the valorisation is reduced to the level of inflation and the retirement age is increased to 65, the first (state) pension pillar would be sustainable until 2040. I deem an increase in the retirement age as crucial," said Golias.

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