NERV: private pension schemes should be compulsory for under 40s

The Czech government’s economic advisory board NERV has come up with fresh recommendations concerning a planned pension reform. The board said people who are under the age of 40 when the reform is launched should be obliged to join a private pension scheme. People’s contributions to the pay-as-you-go system would drop by 3 percent and they would be expected to pay that amount to a private pension fund. The economic advisors have also suggested the government should not have the authority to raise pensions at a higher rate than consumer price rises.