News in English     | 17.12.2019. 15:01 |

Milićević: New pension payments system begins as of January

FENA Senka Trgovčević

SARAJEVO, December 17 (FENA) - FBiH Finance Minister Jelka Milićević said that pensions for December 2019 will be paid from the account of the FBiH Pension and Disability Insurance Institute (PIO Institute), while pensions for January 2020 will be paid from the budget of the Federation of BiH.  

The reason for this is that PIO Institute becomes a budget institution, after several legislative decisions have been adopted in both houses of the Parliament of the Federation of BiH.

Currently, new information platforms are being tested for this process by the Ministry of Finance and PIO Institute.

“Until now, the insufficient funds of the PIO Institute were secured through loans from commercial banks, which now will not have to be done - this will be done by the budget, i.e. the FBiH Ministry of Finance, added Milićević, ahead of the regular session of the FBiH House of Representatives.

Therefore, it is necessary for the deputies to approve the proposed amendments to the three laws (the Law on the Treasury, the Law on Contributions and the Law on the Budgets in the Federation of BiH), which will enable PIO Institute to lose the status of extra-budgetary fund and gain budgetary institution status.

This implies that the income from the payment of pension and disability insurance contributions, which is the income of this institution, as of January 1, 2020, will be an integral part of the FBiH budget, and the payment of pension and disability insurance contributions will be made to the FBiH Single Treasury Account.

The transition of the PIO Institute to the treasury operations is the main reason that the proposed budget of the Federation of BiH has been doubled and amounts to almost KM 5 billion.

Delegates of the House of Peoples of the Parliament of the Federation of BiH will also discuss about this on Thursday.

(FENA) A. B.

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