Romania To Transfer RON1,370M From State Budget To Hike Pensions As Of Oct 1 – Labor Min

"Transfers from the state budget for the earlier pension increase total RON1,370 million. This sum is stipulated by the law on state budget and covers the earlier pension increase for the following three months,” Pacuraru said.

He said the increase of the pension point would have been accomplished as of November 1 without the transfer of some sums from the state budget, as the social insurance budget would have covered the gap.

"Government Ordinance 26/2008 stipulated the pension point hike in advance, as of November. Thanks to third quarter results, which led to an economic growth of over 9%, we can afford to move up pension increases by one month, transferring money from the state budget. The social insurance budget posted a surplus this year, which enabled the Government to decide to increase pensions two months earlier than initially planned,” Pacuraru said.

The Government will hike pensions as of October 1, and will increase the salaries for the staff in the education system by 9%, Prime Minister Calin Tariceanu said Tuesday evening.

He added farmers will benefit from the pension hike as of October, while pensions for the labor categories I and II will be recalculated.