Starting January 1, all pensions in Romania will increase in line with the consumer prices, meaning by 13.5% at the beginning of 2024, Romanian prime minister Marcel Ciolacu announced.

“The inequities will be addressed by the new pension law,” PM Ciolacu said, quoted by Economica.net.

As regards the new pension law, former labour minister Olguta Vasilescu said that the latest draft “looks very good” as it closely resembles the Law 127/2019 that has never been enforced, Bursa.ro reported.

Even if the new pension law is passed by the end of the year, it can not be enforced as of January because of the complicated mechanism involved, PM Ciolacu said. However, Vasilescu claims that thanks to the new system, all the 5 million pensions can be recalculated in line with the new Pension law within 24 hours.

iulian@romania-insider.com

(Photo source: Inquam Photos/Octav Ganea)