Pensions to rise by almost 5 percent in January, govt decides

The government has decided to increase the old-age, widows' and disability pensions by 4.9 percent as of January. The average monthly pension will thus reach 8,128 crowns (or over 330 dollars). According to experts, the country's current pay-as-you-go pension system is to survive for another 20 years approximately. The society, nevertheless, has been ageing and the spending on pensions has been increasing. Currently, the state spends about 8 percent of GDP on pensions.