Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-03-08-Speech-2-069"
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"en.20050308.7.2-069"2
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"Ladies and gentlemen, a much-frequented theme in the new Member States is the reform of the pension system. In most of these countries, the main pillar continues to be a single pay-as-you-go scheme. I believe that this system, once the necessary modifications have been made, the retirement age has been extended, and contributions have been raised, is the only system capable of guaranteeing a decent pension for future pensioners. At the same time, this would make it possible to respect the relevant conventions of the International Labour Organization that most of the new countries have ratified.
The conservative parties in most of these countries are mooting a reduction in the pensions guaranteed by the state to a level under the limit guaranteed by the conventions, and the setting-up of another pillar based on mandatory insurance. In my opinion, this solution is risky and offers no guarantee of a sufficient income in old age, because the legislation required to make this pillar work is very patchy. What is more, the administrative costs of private institutions are several times higher than the costs reported by state-controlled institutions. If employees are to pay mandatory contributions to private insurance in addition to contributions to a state pension, then I think a better solution would be to increase the contribution to guarantee the first pillar."@en1
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