T-Bills To Cover Romanian Public Sector Wage Cuts In 2010 – Bill

Public sector employees whose wages have been reduced by 25% between July 1 and December 31, 2010 will be granted three-year treasury bills. The annual interest rate will equal the average interest rate on loans in lei granted on the interbank market.

The value of a treasury bill will amount to 100 lei (EUR1=RON4.2878) and the total value of treasuries will hit RON5,087,600,000 lei, namely the sum saved after about 1,352,600 state employees had their wages cut, reads the bill.

According to the party, the sum the state will pay back to public sector employees, including the three-year capitalized interest, will reach about RON6 billion.

Treasury bills will be issued in two stages: in 2012 for half of the sums that were cut, and in 2013 for the remainder, reads the bill.

According to the draft act, the state will pay the money owed starting January 1, 2015, but not later than December 31, 2016.

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