Czech president Zeman criticises pension system reform

Czech President Milos Zeman on Friday criticised the governments pension reform and said the reform, if fully implemented, would siphon off money from the state pay-as-you-go pension system and worsen the position of pensioners. He criticised the second pillar of the pension system as pensioner-unfriendly. The right-wing cabinet introduced it as from January 2013. It enables people to send a part of their compulsory social insurance contributions to private accounts operated by pension funds, on condition they add a certain sum from their own money.