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Fico: No Need to Deal with Pension System's Second Pillar Now
Thursday 25 February 2010 Zoom in | Print page
Bratislava, February 25 (TASR) - There's no need to deal with the private second pillar of the pension system right now, with the Government currently being occupied with other issues in the social sphere, Prime Minister Robert Fico announced after carrying out an inspection at the Labour, Social Affairs and the Family Ministry on Thursday.
According to the premier, his Cabinet's aim is not to attack the second pillar. "We're witnessing a profound global crisis that affects everybody ... I'm expected to respect the impact of the global economic crisis on (financial) products that are being offered here," said Fico.
Back in October 2009, however, Fico chastised pension-management companies (DSSs) for what he labelled as insufficient valorisation of people's deposits. He announced that the Government would adopt a legislative proposal according to which DSSs will have to appreciate the money of savers in the capitalised second pillar at least on a level as the growth of pensions in the state-run first pillar.
"The Government went for this move because DSSs have been going against the interests of savers' money long-term," said Fico back some months ago. The proposal was supposed to be drawn up by the Finance Ministry within seven weeks. However, the Cabinet hasn't discussed any such initiative to date.
Speaking on Thursday, the premier reiterated that the Government has managed to push through changes that have greatly improved the position of DSSs' clients, citing the lowering of fees for the companies as one such measure.
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