Capping retirement age a bad idea, says OECD Secretary-General

OECD Secretary-General Jose Angel Gurria criticised plans to cap the retirement age in Slovakia during his meeting with Prime Minister Peter Pellegrini on Tuesday. Gurria doesn't view capping as a good idea, as such a step would worsen Slovakia's pension system. In the current Slovak system, no specific retirement age is defined by law, rather it is linked to average life expectancy, which has been increasing over the past decades. However, in May of 2018 the ruling party Smer introduced the idea of a constitutional cap on the retirement age at 64. Gurria stated that Slovakia currently has the best pension system, one that many other countries want to introduce as well, adding that the OECD uses Slovakia as a model for other countries in this field. He stressed that no figures should be specified in the Slovak Constitution, as it would be difficult to change them. Slovak prime minister Peter Pellegrini agreed that it would be very difficult for future governments to reverse such a decision, adding that Slovakia must prepare for a future in which one third of the Slovak population will be older than 65.