Social Democrats and Greens back pension reform draft

The Social Democrats and the Green Party will back the draft legislation on the first phase of the planned pension reform, prepared by Labour and Social Affairs Minister Petr Necas. The draft suggests, among other things, extending the compulsory period of insurance from 25 to 35 years and raising the retirement age for both men and women to 65 years. Mr Necas said the reform should be implemented as soon as possible, pointing out that due to the inflation rate the current pension system might run into deficit earlier than expected.