Slovakia to Reduce Flows to Private Pension Funds, Sme Reports

The Slovak government will temporarily cut contributions to private pension funds to a maximum 5 percent of wages from 9 percent now, Sme reported, citing Labor Minister Jan Richter.

The cut, aimed at reducing the deficit of the public welfare system, will be effective by at least 2016, the newspaper cited Richter 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