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January 25, 2022

Cutting BNR wages, state lost the equivalent of thousands pensions

The state budget lost incomes corresponding to “thousands and thousands of pensions” by deciding to cut National Bank of Romania (BNR) wages, without cashing any money in return, Adrian Vasilescu, advisor to the BNR governor, stated, quoted by Mediafax.

“The law does not allow savings made in this manner to be allotted to the state budget, nor can they be included in the profit account, they had to be allotted, instead, to the reserve fund, which is meant to cover potential future losses. Thus, the state budget cashed nil out of savings made by wage cuts. Worse still, the 25 per cent cut resulted in the budget losing income taxes and social contributions which are the equivalent of thousands and thousands of pensions,” Vasilescu explained.

When asked if BNR wage cuts would be maintained, Vasilescu replied: “What do you think this is, Kafka?”
Official sources stated, on an earlier occasion, talks at central bank level were in progress to decide whether wages would revert to the June 2010 levels, before the 25 per cent cut, or whether they would be raised by a lower ratio, as applied in the case of public sector employees.

The public sector wage cut law also stipulated a pay cut for BNR employees.

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