Spending on pensions is rising rapidly

The average old-age pension rose by €34 to €683 last year, social insurer SP reported. The pension was paid to 1.1m people. The average early retirement pension rose €31 to €733. Total SP spending on pensions rose 22% last year to €12.6bn. (openiazoch.sk) The state has to increase its subsidies to the SP; last year the state budget contributed €2.7bn to pensions. In 2019, pension expenses were fully covered by payroll levies, and the SP did not need any state subsidy. This year the subsidy will rise to €2.8bn and next year to €3bn.

(hnonline.sk)