Pensions

Minister of Labor and Social Protection Raluca Turcan says that there is a "time bomb" ticking in the Romanian pension system, which is currently running a deficit of 16.7 billion lei, and that there is the risk that the purchasing power of the average pension will very much erode in the future. "There is a serious amount of disinformation circulating in the public space (...).

Deputy Prime Minister and USR PLUS Co-chairman Dan Barna said that a new pension law is in the works at the Labor Ministry, as the system requires certain changes in order to remain "sustainable" and cope with enhanced pressure as Romania's baby-boom generation born between the mid-60s and the early '70s is heading towards retirement age. "It is a firm commitment of the current coalition.

Those who remain are mainly younger retirees, or people waiting to retire, whose children have moved to Belgrade or abroad, ending the traditional system of inter-generational solidarity in family care. The youngest is 35 years old. Recently, the oldest dweller passed away at the age of 90; her carers at the end were also pensioners.

The argument "we are not selling this country for peanuts" will not hold, because we can actually buy it ourselves, there are 7 million Romanians who are waiting to invest billions of Euro in these state listings and here I am referring to the private pension funds, said, on Tuesday, in a specialty video-conference, Cristian Popa, Board member of the National Bank of Romania (BNR).

Retirees will receive their advance pensions, ranging between 345 and 384 euros, automatically and without any handwritten inspections by the agencies of the Single Social Security Entity (EFKA) following the online cross-checking of data proving the payment of at least 15 years of social security.

On this episode we discuss the challenges the Greek economy faces as a result of the pandemic, and focus on the positive impact the European Central Bank's emergency bond-buying program (PEPP) has had on the Greek economy.

Greece ought to feel confident that it will comfortably overcome the absence of European Central Bank support, analysts tell Kathimerini, while noting that Frankfurt's emergency bond-buying program (PEPP) looks set to continue for now.

Mandatory privately-managed pension funds (Pillar II) achieved in 2020 an average rate of return of 6.19 percent, three times higher than last year's inflation rate, president of the Association of Romania's Privately-managed Pension Funds (APAPR) Radu Craciun said on Monday.

The "Unirea" National Federation of Romanian Pensioners (FNUPR) calls out Labor Minister Raluca Turcan over the gap between the planned pension pegging to inflation (2 - 3 percent) and the rapid surge of food, medicines and utility prices by 10 - 20 percent, which will bring pensioners below the poverty line.

This year will see the definitive completion of pensioners' retroactive claims, with the plenary of the Council of State and the State Audit Council preparing to issue irrevocable verdicts in response to demands by retirees from the public and the private sectors regarding cuts implemented in the first few years of the financial crisis.