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Parliament Debates Energy Prices, Labour Min Unveils Proposed Pension Reforms

CZECHIA
  • Lawmakers tabled 104 amendments to the 2024 budget bill, with 14 of those coming from coalition MPs, as the Chamber of Deputies began to debate the fiscal plan in second reading. The proposed reallocations of funds amounted to almost 10% of the CZK2.19tn spending plan. Seznam Zpravy reported that the Chamber of Deputies will likely vote on all the amendments while voting on the budget in two weeks' time.
  • Labour and Social Affairs Minister Marian Jurecka unveiled his proposed pension reform, which involves an increase in the minimum pension to a fifth of the minimum wage, but also a gradual increase in the retirement age in line with the rising life expectancy and a reduction in benefits depending on the retiree's last salary. According to Jurecka's plan, the changes will be implemented from 2025.
  • The government's fiscal consolidation package is awaiting President Petr Pavel's signature. Denik N reported that the head of state wants to use the the full 15 days he has to sign the legislation, with his advisers telling him that the package is insufficient to reign in public debt. If Pavel refuses to sign the legislation, it will return to parliament, where his veto can be overridden by an absolute majority of all MPs.
  • Czechia's industrial PPI inflation cooled to +0.2% Y/Y in October from +0.8% prior versus +0.6% expected.
  • Parliament convenes today for a special session called by the opposition ANO party to discuss energy prices for 2024.
  • Czech markets will be shut for a national holiday tomorrow.
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