The Riigikogu has passed the controversial pension reform bill, by 56 votes in favor to 45 against, making membership of the so-called second pillar of the Estonian pension scheme voluntary, also passing the vote of confidence it attached to the bill.

Read also Estonia. Reform leader: We’ll use every means possible to halt pension reform mess

The Compulsory Funded Pension Reform Act, to give it its full title, once it comes into effect, will make membership of the so-called second pillar of the Estonian pension scheme, which deals with employee contributions, voluntary, where it had previously been mandatory.

Read also Measly Returns Spark $5 Billion Raid on Estonian Pension Savings

The coalition had linked the vote on the bill, which was at its second and final reading, to a vote of confidence, to block further delaying tactics from the opposition parties, ERR reports. The bill passed about half an hour before midnight on Wednesday, after over nine hours of debating.

Read also Greek public sector workers set to strike over pension reform

Opposition MPs had earlier expressed their protest against the bill by carrying placards into the chamber which had been on display at a demonstration outside Toompea Castle, seat of the Riigikogu. The bill’s explanatory memorandum says the aim is to increase freedom of choice in second pillar membership, and: “Represents the freedom to decide whether or not to raise money in the second pillar. [The bill] also gives people additional options for investing and using their retirement money both before and after retirement.”

Leer más @ERR