Less sustainable pension system in Slovakia

Slovakia's pension system has become less sustainable than it was before the reform in 2012, the Finance Ministry's Institute for Finance Policy (IFP) stated in its latest projection of expenditures for pensions on Tuesday. The IFP's projection has revealed that as much as 13.9 percent of GDP will have to be spent on pensions in 2060, while a projection before the reform in 2012 counted on expenses reaching 13.2 percent of GDP. "Measures adopted in 2019 have deteriorated Slovakia's condition compared to the situation before the reform," stated IFP. Meanwhile, the IFP has calculated that the income of the pension system in 2070 will only cover half of its expenses, creating a deficit equal to the annual budget for health care.