Necas: pension reform must be implemented soon

A reform of the pension system must be implemented soon -with or without support from the opposition Social Democrats, Labour and Social Affairs Minister Petr Necas said in a televised debate on Sunday. Mr. Necas pointed out that due to the inflation rate the current pension system might run into deficit in 2010, that is years earlier than expected. The minister said he would put the matter to the Cabinet and Parliament in the coming days. Several outstanding issues remain unresolved such as extending the compulsory period of insurance payment from 25 to 35 years and raising the retirement age for both men and women to 65 years.