cutback

Romania’s Magistrates’ Association issued a press release Saturday, according to which pension and public sector wage cuts cannot be argued for through article 53 of the country’s Constitution, as the measures actually endanger national security.

Romanian mandatory private pension contributors have lost EUR200 million since 2009 and will lose EUR1 billion by 2017 because the country has not adhered to the Pillar II contribution increase schedule, says a press release issued Friday by the Romanian Pension Funds' Association, or APAPR.

The management board of the mechanical plant in Cugir, central Romania, has given up staff cutbacks scheduled within the reorganization plan of the company, as the plant has contracts and large orders for next year.