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Romanians’ Pvt Pension Contributions Increased To 2.5% As Of Feb – Pension House Head

Romanians’ contributions to mandatory private pensions will grow by 0.5% as of February to reach 2.5%, National Pension House (CNPAS) president Doina Parcalabu said Tuesday.
Romanians’ Pvt Pension Contributions Increased To 2.5% As Of Feb - Pension House Head
02 mart. 2010, 13:56, English

Individual contributions to mandatory private pensions are currently set at 2% and they must gradually reach 6%, Parcalabu also said Tuesday during the Mediafax Talks about Private Pensions conference.

Parcalabu added contributions to the mandatory private pension system are withheld from the social security contributions of 10.5% of the gross wage paid by each employee.

Under Romanian law regulating the mandatory private pension system, 2% of the total social security contributions paid by each employee is to be transferred into private management during the first year of the private pension system, namely in 2008. Over the next eight years, contributions are to reach 6%, by increasing half a percentage point each year.