When preparing next year’s state budget, one of the tax proposals of the Ministry of Finance (FM) is to reduce the employer’s VSAOI (state social insurance mandatory contributions) rate by one percentage point and compensate it with a term reduction of state-funded pension scheme contributions by two percentage points (from 6% to 4%). This means a reduction of one third (33%). The FM has also estimated that from the transfer of two percentage points to the state-funded pension scheme, the reduction will be 204 million euros next year, 318 million euros in 2026, 334 million euros in 2027, and 335 million euros in 2028. This is one proposal to reduce the overall tax burden on labor.
On the one hand, even before the FM had made public its tax revision scenario, commercial banks rang alarm bells. And this can be understood – the remuneration of pension managers is made up of commissions, which depend on the amount of the second level of pension assets. The less money is paid into the second tier of pensions, the more the potential earnings are reduced. It should be noted, however, that after the 2018 amendments to the Law on State Funded Pensions, commission fees for pension plans were significantly reduced by setting the fee ceiling.
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2024-08-30 01:23:28