Tuesday, March 17, 2009

Romania's Pensions in Disarray

BalkanInsight.com

| 16 March 2009 |
Romania’s pension system will be seriously affected in the long run by the low number of contributors when compared to the high number of people claiming pensions, the low employment rate among elderly workers, and the expansion of the black labour market, a report from the European Commission said. The report, quoted by local media, also shows that the number of contributors for each pensioner fell to 0.79 in 2003 from 3.43 in 1990, while pension costs, as a percentage of the gross domestic product, declined during the same period to 6.5 per cent from 7.2 per cent previously.

Statistics indicate that Romania’s employment rate is 65.4 per cent, way behind the European Union average.

In recent months, Romania has started to implement concrete measures to tackle the challenges it faces in the pension sector, but the effects have not yet been felt, the report said. Amongst these were measures aiming to encourage elderly people back to employment, as well as an increase in the minimum retirement period, for both men and women.

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