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The International Monetary Fund (IMF) requires us to make savings of one billion euros by the end of the year, but the Government will increase the pensions by 2% from October 1st.
The increase implies a fiscal effort of 200 million lei. However, the pension budget needs an additional 5.4 billion lei from the state budget, i.e. 1.2 billion euros, throughout the year even though the social contributions were increased by 3.3 % this year.
Jeffrey Franks, the head of the IMF mission in Romania, said the other day that he wants the pension system to be reformed in such a manner to be able to support itself with the money collected in the future, without transfers from the budget. "We don't want different things from what we agreed in March, that the pension system to be sustainable on medium and long term", said Franks. The parliamentarians, soldiers, diplomats, judges and police officers (about a quarter of a million people) receive higher special pensions. The pension point will reach 732.8 lei from the 1st of October 2009.
In late June, there were 5.513 million pensions in Romania, 800,000 of which were agricultural pensions. In Romania, 3.5 million employees are working for private companies and 1.4 millions work for the state.
- Translated by Sorin Balan
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