Prima pagină » English » Romanian Govt To Increase Social Security Budget By RON3.8B

Romanian Govt To Increase Social Security Budget By RON3.8B

Romania’s Government will increase the social security budget by 3.8 billion lei (EUR1=RON4.2404) to cover spending on pensions until the end of the year, Prime Minister Emil Boc said Wednesday.
Romanian Govt To Increase Social Security Budget By RON3.8B
Florin Radu
11 aug. 2010, 19:56, English

Boc said the funds would be allotted through a budget revision next week.

Labor Minister Mihai Seitan said in March that the state would have no problem in paying pensions this year, by transferring EUR1.7 billion from the state budget. The minister also said Romania’s public pension system has become unsustainable and runs the risk of posting a deficit of as much as 6% of GDP by 2025, adding the state budget would have to allot EUR2 billion to pay pensions in 2011 if the current pension system is maintained.