ROMANIA: Pension Benefits to be Increased on November 1

Pension benefits will be raised as of November 1, Labour Minister Paul Pacuraru announced yesterday on Realitatea TV. He explained that the Government has the necessary funds in order to increase pension benefits ahead of schedule. The Minister could not disclose the exact amount by which pension benefits would increase, but the president of the National Pension Agency stated last week that benefits would be raised by 20 per cent. Pacuraru explained that the increase was possible thanks to a surplus in the social security budget in the last two years. “In 2006 and 2007 pension benefits were raised in keeping with specific social criteria, and this year again, due to the establishment of Pillar II, we have a new surplus to the social security budget, which enables us to raise pension benefits ahead of schedule,” the Labour... [read full story]