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Romanians’ pensions will increase by 8 percent next year. The announcement was made by the Minister of Finance. That means an increase in the pension point, of about 100 lei.
This would be the largest increase in a calendar designed by the Government, for 4 years. At the end of this period, pensions would be almost 50% higher than now.
Next year will bring the biggest increase in the pension point, according to the finance minister.
Florin Cîțu: “We estimate, we bet on an increase in the pension in the next four years by 46 percent, next year the estimate is 8.1%.”
Specifically, the pension point would increase from 1442 lei, as it is now, to 1559 lei in 2021. This means an increase of 117 lei.
However, the minister did not specify if the increase will apply from January 1 or later, given that calculations are still being made for next year’s budget.
The plans made show that the increases will continue gradually until 2024 inclusive, when the pension point should reach 1,841 lei.
Therefore, in the 4 years, the Government estimates that the pension point would increase by almost 400 lei compared to what it is now. This in the conditions in which Romania has among the lowest pensions in the European Union. This means that 20% of our older people are at risk of poverty, according to European statistics.
The data that queues us in Europe shows that the average pension in Romania is 1,436 lei. However, there are large differences between counties and regions of the country. For example, in Botosani, the average pension is almost 1,100 lei. This while in Hunedoara it exceeds 1,800 lei, and in Bucharest it jumps 1,700 lei.
For many Romanians, however, the “state” pension is not enough and it will not be. According to a study carried out by an association of financial analysts, many of the Romanians close to retirement age already have debts equal to or greater than their income.
Adrian Codirlașu, Vice President of the Association of Financial Analysts: “A third have debts, the situation worsens in 2030, there could be 4.5 million employees and retirees; with almost 2 million more, even the second pillar of pensions will not be enough for a decent life. “
The aging of the population and migration put great pressure on the state budget for pensions. Currently, the national average shows that there are 9 retirees for every 10 employees. In Bucharest, the ratio is 5 to 10 in favor of employees, while in Giurgiu there are 15 retirees for 10 employees.
