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February 28, 2021

Contributions to private compulsory pensions to reach 3 pc by 2010

The contribution to the private compulsory pension funds (Pylon II) will grow, as it was initially established, by one percentage point in 2010, to 3 per cent, further to the agreement with IMF, the Association for the Privately Managed Pensions from Romania (APAPR) shows in a press release, Mediafax informs. The IMF agreement stipulates the quick return to the initial agenda of the contributions transferred to Pylon II, after the “freezing” of the contributions at the level of 2 per cent in 2009. “The Pylon II of the pension system will be further fed by increased contributions, as established initially,” reads the funding memorandum. The Government also pledged to revise until December 31 the legislation regarding the pensions, through measures for their indexation with inflation, the limitation of the possibilities of discretionary increase of the pensions and the gradual adjustment of the pensioning age, especially for women. The pension system from Romania has become too generous with certain categories of taxpayers, declared on Thursday, in a seminar over the capital market, Mihai Constantin Seitan, state adviser in the Ministry of Labour, Family and Social Protection. “Considering the demographic problems with which Romania is confronted, I consider that the pension systems have become too generous,” Seitan declared.

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