Parliament Okays minimum pension

Pensioners in Slovakia will be entitled to receive a minimum guaranteed pension, according to an amendment to the Social Insurance Act that passed in Parliament on Wednesday. Based on the bill, all pensioners who have paid social insurance contributions for at least 30 years will qualify for a minimum pension that will be 136 percent of the subsistence minimum, amounting to €269 per month. The pension will be progressively higher with each additional year of payments into the social insurance system. The Labour Ministry predicts that the measure should concern some 75,000 pensioners next year and ministry officials contend that pensioners will no longer need support in the form of subsistence benefits. It is calculated that €16.4 million will have to be paid out for the minimum pension in 2016, while it will be €31 million in 2017. This amendment is a part of the 15 Measures introduced last year by Premier Robert Fico and will come into effect as of July 1.