On its meeting on 12th November Czech Government agreed on cancelling the second pension pillar. From the governmental point of view it is fulfillment of its program goal as it would stop the extraction of funds from the first continuous pension pillar. The future goal of the Ministry of Labour and Social Affairs is to consolidate the pension system focusing on first pillar. The second pension pillar will be cancelled as of 1st January 2016. People will have the opportunity to either withdraw their money from the second pension pillar or to transfer them to the first pension pillar. This procedure was chosen as it comes from the results of Professional Committee for Pension System Reform. Government on its meeting also ruled that the Czech Post would remain state company as it was mentioned before.

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