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Oct 30, 2017 16:08 EEST
BELGRADE (Serbia), October 30 (SeeNews) – Serbia's government plans to increase pensions by 5% as of January 1, 2018, prime minister Ana Brnabic said on Monday.
The government also intends to start abolishing the Law on Pension Reduction as of next year, when the total value of pensions will be cut below 11% of the country's gross domestic product (GDP), Brnabic said in a statement.
After the the law is scrapped, the government will start adjusting pensions for inflation twice a year, Brnabic said.
In 2014, the government adopted a law cutting pensions higher than 25,000 dinars ($243.7/209.6 euro) by between 22% and 25% as part of measures to reduce fiscal deficit.
The head of Serbia's Fiscal Council, Pavle Petrovic, said earlier this month that wages in the public sector and pensions can be increased by up to 5% in 2018 as the gross domestic product (GDP) is expected to grow at the same rate next year.
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