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Nov 17, 2023 17:38 EEST
November 17 (SeeNews) - Croatia will amend its legislation for mandatory pension funds to encourage investments in shares, in line with recommendations by the Organisation for Economic Cooperation and Development (OECD), labour and pension system minister Marin Piletic said, as quoted by state TV broadcaster HRT.
Croatia is on the path towards OECD membership and one of the organisation's recommendations is to channel capitalised savings into equities, rather than into bonds, and the government is including this recommendation in proposed legislation changes, Piletic told reporters on Thursday.
The amendments envisage that pension funds from the A and B category will be obliged to invest 5% of their net asset value in alternative investment funds with guarantees for return of the investment by the Croatian government, the European Union countries and OECD members in order to reduce their exposure to government bonds, according to documents published on the government website.
The proposed set of amendments to pension laws are aimed at strengthen the national three-pillar pension system.
Croatia started talks to join the 38-member OECD in July 2022.
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