Letter to Pinera from Slovakia

Letter to Pinera from Slovakia
February 1, 2004



Dear Mr. Piñera,

Please allow me to convey to you my warmest greetings and thanks for your precious time during our visit to Chile. At the same time I would like to share some good news with you. On Tuesday, the 16th December 2003, the Slovak Parliament approved the law on the old-age pension savings scheme. Thus, as of 1 January 2005, Slovak workers will start depositing 9% into their personal savings accounts. These savings will be their private property, to which succession rights will fully apply.

I am confident that the pension reform, borne by your inspiration and with your significant assistance, will bring not only higher pension to our citizens but also freedom and self-assurance while seeking out the correct way.

Your visit to Slovakia started an intense discussion about the pension reform and enormously influenced the generation of a favourable political climate. I am very happy that this issue did not remain at a conception level but that we could prepare as well as assert the legislation preconditioning the pension reform. The time of our visit to Chile coincided with the period of acute search for parliamentary support of the main law of the reform.

The discussion with you made great impression, and contributed to a major extent to the determination and will of the members of our parliament to push through this historically new project of the pension system in our society. I am thankful as well as obliged to you for your efforts that resulted in very good news not only for our citizens but to people all over the world as well.

Please accept my best wishes for Christmas and a Happy New Year.

Respectfully,

Ludovíít Kaníík

Minister of Labor and Social Affairs