Cabinet approves outline of pension reform bill

20-10-2008

The Czech cabinet approved on Monday the outline of a law overhauling the country’s pension system, Labour and Social Affairs Minister Petr Nečas told journalists. The complete law will be put to the cabinet for approval early next year, the minister added. Under the draft bill, state-run pension funds would be transformed into a number of private pension companies, offering clients a wider range of ways to save. Mr Nečas said that no changes would be made to the planned reforms in light of the ruling Civic Democrats resounding defeat in last weekend’s regional elections.