Romanian Econ Fin Min Says Pension Hike Was One-Off Deal

Romanian pensions will reach, after the increase in January 2009, sucha high level that any other addition, aside from the indexing in correlations with the average salary, will not be sustainable from a budget perspective, said economy and finance minister Varujan Vosganian.

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"With the January 1, 2009 hike, the pension matter will no longer be political campaign material. Beyond this level, any increase (compared to the average salary – t.n.) is no longer sustainable from a budget perspective, so the pensions can no longer be used as campaign elements," Vosganian said in the conference "MEDIAFAX Talks About Private Pensions."

He indicated that, starting with 2009, the average pension will reach a record level of 66 - 70% from the level of the average net salary, and a higher ration would not be sustainable.

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