The government consented to raise the contribution level for the mandatory private pension funds from 2 percent at present to 2.5 percent of the gross salary in 2010, one year later than initially scheduled, declared the vice president of the private pension market watchdog CSSPP, Ion Giurescu, cited by NewsIn.
The law stipulates that, starting with January 1 each year, the contribution quota for the mandatory pensions should raise an annual 0.5 percentage points to reach 6 percent of the gross salary withing eight years.
The contribution should have been raised to 2.5 percent this year, but the budget approved for 2009 blocked the level of the contribution for the mandatory private pension funds at 2 percent of the gross salary, which ignited discontent among fund administrators.
Romania's mandatory private pension market (Pillar II) reached net assets of 1.2 billion lei at the end of March, up 11.68 percent on the previous month.
The 14 funds operating on the mandatory private pension market in Romania counted 4,240,094 participants at the end of March, up 65,726 on the previous month, according to data of CSSPP.
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