Romania New Pension Law Becomes Effective Within 6 Mos Of Publication In Official Journal

Romania’s new pension law will become effective within six months of its publication in the country’s Official Journal, and the methodology for the recalculation of special pensions will be established within another month.

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Special pensions will be recalculated within six months of when the calculation methodology is set and current pensions will be kept until then.

The Romanian Government will seek a confidence vote in Parliament to enact and IMF-required pension law which will increase retirement age and eliminate special pensions, such as those of lawmakers, magistrates, military, law enforcement and intelligence services staff.

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