This calculator will show you how much you still lack in retirement: An OVERVIEW of the amount of 13 pensions is also known.

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It is called a pension calculator which, according to the date of birth, can calculate, according to the valid legislation, how much a working person still lacks to reach the period when he can retire.

Source: Topky / Vlado Anjel

The intention of the Ministry of Labor under the command of Milan Krajniak from Sme rodina is to stabilize the system. “Establishing the basic principles of a funded pension system, an old-age pension savings system and voluntary pension savings at the level of constitutional law will create a basic framework for broader structural reforms that will be a prerequisite for improving the sustainability of the pension system in the medium and long term.” notes the ministry that, according to Minister Krajniak, this individual ceiling should replace the current limit, which is the same for everyone – 64 years.

“After working a certain number of years, while it is based on those calculations 40, everyone would be entitled to retirement. Anyone who wants to continue working can continue working.” says Labor Minister Milan Krajniak (We are a family).

The NBS wants new principles for pensions

The National Bank of Slovakia (NBS) proposes to enshrine 12 principles in the constitutional law on the pension system. For example, the law should think about demographic developments, the protection of pensions from inflation, and an automatic correction mechanism should be introduced if legislative changes in pensions shift the sustainability of the system to high risk.

“If we want to talk about the sustainability of public finances, the pension system is an absolute part of them. A stable, widely accepted and long-term sustainable pension system is essential for long-term sustainability and is a cornerstone of any modern society.” NBS Governor Peter Kažimír said at a press conference on Tuesday. Therefore, according to him, the NBS comes up with 12 principles that the draft constitutional law should contain. “There could be many more principles, but the topic is complicated, we agreed on 12 principles and it also indicates how complex the topic of pensions is,” said Kazimir. In this way, the NBS wants to contribute to the discussion on changes.

This calculator reveals how much

Zdroj: SITA / Branislav Bibel

According to the NBS, the Constitutional Act should respond to demographic developments. “The retirement age should be automatically linked to life expectancy in old age,” NBS Vice Governor Ľudovít Ódor approached. The NBS is also proposing the introduction of an automatic correction mechanism if legislative changes in pensions shift the sustainability of the system to high risk. Then they should be activated automatically.

In order to maintain purchasing power, pensions from the pay-as-you-go system should be valued at least by the increase in the cost of living of seniors. Higher indexation should only be allowed if the overall risks to public finances are not high. Even in such a case, however, it should be an adjustment to a maximum increase in the average wage in the economy.

According to the NBS, the second pillar should have a significant place in the Slovak pension system. A minimum relative force to the first pillar should be set. According to Odor, this would minimize “a kind of legislative ping pong”.

Instead of a Christmas allowance, the 13th pension

This year, all retirees will receive a 13th pension instead of the previously used Christmas allowance. Since July, we already know the numbers from the published table. They should receive up to 300 euros the most. This applies to those with the lowest pension benefits, with the 13th decreasing in direct proportion to the higher pension. The smallest value is 50 euros.

This calculator reveals how much

“The law on the 13th pension is prepared in such a way that it gives pensioners more than twice what they were ever used to receiving a standard pension,” said Minister Krajniak later this summer.

Retirees have received a Christmas allowance at the end of the year, but the former government has approved a 13th pension to replace it this year. The amount of the 13th pension for individual recipients should be in the amount of the current average individual pensions.

The opposition has long criticized the proposal

“Instead of helping the weakest, they pour money into banks in particular, pour money into the richest, and those who are the poorest have less and less.” thinks the chairman of Smer-SD Robert Fico. According to him, the current government will “rob” pensioners by 280 million euros, because the total planned expenditures for the 13th pension amounted to 580 million euros. “They are practically going to abolish the 13th pension by law and are returning to the institute of the Christmas allowance that we introduced, with the proviso that they want to transform it into some ridiculous amounts,” commented.

This calculator reveals how much

Zdroj: SITA / Branislav Bibel

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