Insurance funds under suspicion
The recent revelations made by Parliament’s transparency committee regarding the management of the capital reserves of social insurance funds should worry the government. There are suspicions that shady investments of the type carried out by the civil servants’ auxiliary insurance fund have also been ventured by another three funds. These suspicions create a negative climate, but a larger problem looms. Sooner or later, our politicians will have to launch an open dialogue with their social partners on social security reform. This should be carried out in good faith, with all sides laying their cards on the table, because if the problem grows, it will pose a threat to social cohesion. Possible scandals would undermine this crucial dialogue from the outset. Workers will be unwilling to make sacrifices if they are uncertain as to how their money is being managed. So the government must shed light on every allegation – even those that are groundless – regarding the management of capital reserves. Funds must be above suspicion before reforms can be made.
