News in branch

The IMF safeguards Romanian private pensions

BUCHAREST (RO), 11.06.2009.  Romania`s  financial arrangement with the International Monetary Fund (IMF), that was made available to the open public last night at Washington, safeguards the Romanian mandatory private pension system (Pillar II) by stating that the Government would return to the initial calendar to increase contributions directed to the private pension funds. According to the Romanian pension reform law, that introduced the second pillar of mandatory private pensions in 2007-2008, the rate of contributions directed to private pension funds is 2% of participants` gross income in 2008, 2.5% in 2009, 3% in 2010, etc., to reach 6% in 2016.

Download: apapr release.doc

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