Deputy Prime Minister Paul Stanescu considers Private Pensions Pillar II must be optional and the Gov't must explain which are the advantages of this fund, if pensions are higher or lower following contributions to it.
Stanescu reaffirmed that there hasn't been any discussion in the Social Democratic Party (PSD) about suspending Pension Pillar II.
Seven million Romanian contributors have 12.9 percent less in their retirement saving accounts because of the non-observance of the Pillar II contributions increase calendar, which resulted in the loss of both the money promised under law and of the money multiplication effect, argue Romanian Business Leaders (RBL) representatives.
The mandatory pension funds - Pillar II - at 31 March were worth rd 42.53 billion lei (rd 9.14 bln euros), up by 25.22pct against the level at 31 March 2017, according to data released by the Financial Surveillance Authority (ASF).
Finance Minister Euclid Tsakalotos poured cold water on Thursday on governing party officials' high expectations for a post-program emancipation from obligations such as reducing pensions as of January 2019 and achieving high primary surpluses of 3.5 percent of gross domestic product by making it clear that such prospects are impossible and the priority at the moment lies in completing the prog
Some 17.3 million or 18.2 percent of older people (aged 65 and above) in the EU remain at risk of poverty or social exclusion, the European Union said in the 2018 Pensions Adequacy Report published on Monday.
The data has not changed since 2013, and this includes significant differences such as women's pensions, which remain 37 percent lower than men's.
A leaked decision by the Council of State contesting several key provisions of reforms to the country's pension system legislated by the leftist-led government, if finalized, could deal a huge blow to the umbrella social security fund (EFKA), throw the national budget off balance and strain ties with the country's creditors as Greece prepares to exit its third international bailout.