Sat, 26 Mar, 2016 12:01:51 AM FTimes – STT Report, Mar 26  File Photo – Lehtikuva. A citizens' initiative opposed to the folded earnings-related pension indexes col-lected more than 85,000 signatures till the expiry date on Thursday.
It was, however, confirmed as early as February that the citizens' initiative was heading to parliament after it surpassed the 50,000 signatures mark, the prerequi-site for any citizen initiative before it is tabled before parliament.
Since the mid-1990s the earnings-related pension index has been adjusted on an annual basis in which share of wage-earners’ income level is 20 percent, the share of change in price level is 80 per cent.
Since the introduction of the folded indices, wages have been rising by 88 percent on average while earnings-related pensions have risen by 46 percent, according to the initiative.
Finnish Centre for Pensions, among others, have criticised the initiative for belit-tling a significant economic action.
According to the Centre, the shifting of the pension indices would result to a sce-nario whereby the pension funds will completely run out in 2060s.
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