ZAGREB, May 13 (Hina) - A round table on pension system reforms, organised as a part of the 4th Croatian Financial Forum, was held in Zagreb on Thursday. The beginning of the functioning of pension funds will have direct effects on
the acceleration of events on financial markets. Given that funds must invest a minimum 50 per cent to bonds of the Croatian Government and the Central Bank, the country has to consider when and for what it will start issuing bonds, said Securities Commission president Ivica Smiljan. It is necessary to keep record of state liabilities, and issue bonds for all immediate liabilities, Smiljan said. If pension funds started functioning immediately, they would have nothing to invest in, Smiljan said and added that the country would have to urgently solve the problem of illiquidity, in order to be able to issue bonds. Labour and Social Welfare Minister Assistant Snjezan
ZAGREB, May 13 (Hina) - A round table on pension system reforms,
organised as a part of the 4th Croatian Financial Forum, was held in
Zagreb on Thursday.
The beginning of the functioning of pension funds will have direct
effects on the acceleration of events on financial markets. Given
that funds must invest a minimum 50 per cent to bonds of the Croatian
Government and the Central Bank, the country has to consider when
and for what it will start issuing bonds, said Securities
Commission president Ivica Smiljan.
It is necessary to keep record of state liabilities, and issue bonds
for all immediate liabilities, Smiljan said.
If pension funds started functioning immediately, they would have
nothing to invest in, Smiljan said and added that the country would
have to urgently solve the problem of illiquidity, in order to be
able to issue bonds.
Labour and Social Welfare Minister Assistant Snjezana Plevko said
the new pension system, which would include the basic pension,
voluntary and obligatory capital savings, will come into effect on
of July 1, 2000. Persons below 40 years of age will be compulsorily
covered by the new system, while persons between 40 and 50 years of
age will have the right to choose between the old and the new
system.
Also discussed at the round table were legal provisions on the work
of pension funds.
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