Czech Republic -New pension indexation approved -September 13, 2012

The new law on the indexation of pensions has passed the Parliament and been signed by the President of the republic, despite protests from left wing parties and the council of the elderly. Starting from 2013, pensioned will be indexed over a three-year period based for one third of the growth in prices and one third of the rise in real wages. The slowing down of pension growth is expected to save 2 billion euros (48 billion crowns) over the next three years. The old indexation system adjusted the pensions at the same level as the inflation rate.

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