ZAGREB, May 7 (Hina) - The Croatian National Parliament House of Representatives on Friday adopted the Law on Compulsory and Voluntary Pension Funds. The law is one of two laws which will regulate the new pension system in Croatia. It
will come into effect on July 1, 2000. According to the law, all employees will set aside five per cent gross salary for compulsory pension savings, to their personal accounts in one of certified pension funds. Employees will pay 16.5 per cent of their salaries into the pension fund of generation solidarity. The law is applicable to all employees by 40 years of age, wile those between 40 and 50 years of age will be able to choose themselves whether they will enter the new pension scheme. The law also envisages the means of establishing and the business of compulsory and voluntary funds which would be managed by pension associations. Consents and control over their work will be implemented by
ZAGREB, May 7 (Hina) - The Croatian National Parliament House of
Representatives on Friday adopted the Law on Compulsory and
Voluntary Pension Funds.
The law is one of two laws which will regulate the new pension system
in Croatia. It will come into effect on July 1, 2000.
According to the law, all employees will set aside five per cent
gross salary for compulsory pension savings, to their personal
accounts in one of certified pension funds.
Employees will pay 16.5 per cent of their salaries into the pension
fund of generation solidarity.
The law is applicable to all employees by 40 years of age, wile those
between 40 and 50 years of age will be able to choose themselves
whether they will enter the new pension scheme.
The law also envisages the means of establishing and the business of
compulsory and voluntary funds which would be managed by pension
associations.
Consents and control over their work will be implemented by the
Agency for the Supervision of Pension Funds and Insurances.
MPs also endorsed a second bill concerning pension reform. The bill
is in its first reading.
The bill concerns pension insurance companies and the payment of
pensions based on individual, capitalised savings.
Closing the House session, vice-president Vladimir Seks announced
Parliament president Vlatko Pavletic will resume his duties next
week, after being absent for health problems.
(hina) lml jn