Czech Senate sends pension wage bill to lower house for new vote.

By bne IntelliNews July 20, 2012
The Czech Senate, dominated by the leftish opposition, rejected a government bill that envisages a slower rise in pension payments as of 2013, CTK newswire reported. Under the bill, which the lower house of the parliament passed on June 13, pensions will increase by a third of the inflation rate and a third of the average wage growth in the next three years. Now pensions are increased by the full inflation rate. The slower pension rise will save the budget some CZK 47.8bn (EUR 1.9bn). The average pension in the country stands at CZK 10,550 and it is to be increased by CZK 156 a month instead of the originally planned CZK 428. The parliament's lower house, controlled by the centre-right ruling coalition will again vote on the bill in early September and is likely to override the Senate's veto.

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