The Slovak government will probably cut the amount of retirement savings citizens channel to private funds as it seeks to narrow the budget deficit, Pravda reported, citing Deputy Labor Minister Jozef Burian.

The country “can’t afford” to let private pension funds collect as much as 9 percent of monthly wages as such outflow is boosting the deficit of the public welfare system, the newspaper quoted Burian as saying.

To contact the reporter on this story: Radoslav Tomek in Bratislava at rtomek@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net