Czech pension system scores large surplus

The pension system scored a surplus of 22 billion crowns in the Czech Republic last year, Labour and Social Affairs Minister Jana Malacova (Social Democrats, CSSD) said in a press release today. The revenues amounted to almost 445.5 billion and expenditures to 423.5 billion crowns. The pension system registered the surplus for the second year in a row, while it was in a deficit before, since 2009. The surplus is largely due to the good condition of the Czech economy, a record low jobless rate and a growth in salaries.