Romania Securities, Insurance, Pvt Pension Regulators, Ctrl Bk Not Targeted By Unitary Pay Law

"The provisions of the unitary pay law shall not be applied to the employees of the central bank, the securities watchdog, the insurance regulator and the private pension watchdog," according to the final version of the draft law approved by the government.

The law will be applied to the staff within public authorities and institutions, namely the Parliament, the Presidential Administration, courthouses, the government, ministries, the other special bodies of the public central administration, other public authorities, autonomous administrative authorities, as well as institutions subordinated to public authorities and entirely financed from the state budget.

The new salary system in the public sector will also be applied to the staff within public authorities and institutions financed from their own revenues and state subsidies, as well as the employees within public authorities and institutions entirely financed from their own revenues.

The draft law distinctly stipulates that the transition from the current salary system to the new salary system will be made gradually to prevent a decrease in current gross wages during the period of implementing the law.