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Czech Lawmakers Approve Pension Changes Boosting Private Savings

Czech Premier Petr Necas won a parliamentary vote on overhauling the pension system after securing support for the minority government from unaffiliated lawmakers.

The lower house of parliament overturned President Vaclav Klaus’s veto of two bills needed to implement a system that will boost private savings for retirement. The government, which lost its parliamentary majority in April amid personnel and budget rows, mustered backing of 102 deputies, one more than needed to override the veto.

Necas is seeking to boost private savings as the aging population is increasing the deficit in the state system where workers pay for pensions of the retired. Under the plan, the Cabinet will redirect part of compulsory payments from the pay-as-you-go pension program into private accounts.

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