Friday, May 25, 2018

Slovakia Ruling Party Seeking Constitutional Amendment To Cap Retirement Age at 64

According to press reports, Slovakia’s ruling Smer party is proposing a constitutional change to cap the retirement age at 64, reversing a decision that had tied it to average life expectancy. Under current law, the retirement age was set at 62 years, 76 days, in 2071, and it will be extended by 63 days this year, and continue to rise every year as people live longer.

From the Slovak Spectator:
“If we do not cap the retirement age, children born this year will retire at the age of 71,” said Robert Fico, leader of Smer and former prime minister, after negotiating the capping of the retirement age with trade unions and Labour Minister Ján Richter on May 16. “We cannot simply accept this.”

The Reuters story explains:
Smer, a leftist party, originally wanted the cap at 65 years but now wants it lower after talks with centre-right junior coalition Slovak National Party.

A third coalition partner, the centrist Most-Hid party, does not back the measure but some opposition lawmakers said they were open to negotiations. Smer would need 90 votes in the 150-member parliament to pass the law as a constitutional measure.

According to calculations by an independent budget watchdog Budget Responsibility Council (RRZ), the pension age is expected to reach the cap of 65 after 2038.

Sources: Reuters "Slovak ruling party seeks to cap retirement age at 64" (May 24, 2018); Slovak Spectator "Retirement age may be capped in Slovakia" (May 17, 2018)

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