Romanian Labor Min Says 180,000 Out Of 4.8 Million Pensions To Be Recalculated

Seitan said only 180,000 retirees out of 4.8 million will have their pensions recalculated to take into account their social security contributions.

The minister said the budget assigned for pensions will be calculated taking into account an average life expectancy of 69 years for men and 73 for women and an average retirement period of 17 years for men and 21 years for women.

He added the country’s pension budget would reach 8% of gross domestic product, while revenues from social security contributions reach 6.7% of GDP. The deficit of 1.3% of GDP is covered from the state budget.