Between 30 November and 4 December 426,309 pensioners will be sent notifications specifying the amount of the debt and a form with a statement whereby they will declare if they want one half of their claims to be paid over a period of two years or all of the claims over a period of eight years, with a grace of two years.
Pensioners will be sent three copies of the statement form. They will be asked to fill out and sign two copies and send them within 30 days to the society managing the pension fund. They will keep the third form.
If a pensioner fails to send his or her answer within the set deadline, he or she will be considered to have chosen the payment of one half of the claims over a period of two years, in four instalments.
Prime Minister Ivo Sanader said that pensioners had no reason to doubt that the debt would be paid back.
Finance Minister Ivan Suker said the proposed model of repaying the debt was realistic and that the state was able to pay back the debt.
The Finance Ministry has conducted a survey covering 1,500 pensioners and the survey shows that more than 85 percent of them have opted for having one half of their claims paid in two years.
Those who have opted for this possibility will be paid the first quarter of their claims in late June or early July 2006.