President okays retirement age to be given 5 years ahead

President Andrej Kiska has signed an amendment to the Social Insurance Act. Under the new legislation, a mechanism will be introduced as of 2019 to set the retirement age for any given year five years in advance. Another change is that the retirement age will no longer be calculated in years and days, but years and months instead, so as to make the figure easier to commit to memory. The retirement age of a policy-holder due to turn 62 in the next year is set at 62 years and 6 months, then 62 years and 8 months in 2020, 62 years and 10 months in 2021, 63 years in 2022 and 63 years and 2 months in 2023. The model was inspired by the pension system in the Czech Republic. The President also okayed the amendment to the law on the production and introduction of alcohol allowing private distillation for private use under strict conditions.