Labour Minister proposes public pension system based on individual retirement accumulation accounts

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A pension system based on individual retirement accumulation accounts could be the best solution to avoid blockage in the field, Labour Minister Mariana Campeanu said in Pitesti (113 km northwest of Bucharest).

„We propose a pension system based on individual retirement accumulation accounts, to be set up, so that somebody can get information on the account any time from their entering the labour market till retirement, and they may judge by themselves whether the account is sufficient, or the first and second pension pillars are to provide a decent income, or they have to get an additional private pension, or use other saving means,” Minister Campeanu said.

„The public pension system is currently unsustainable. Ratio between tax payers and beneficiaries from the system is ever unfavorable, because of the normal increase in the average life expectancy, and because almost one million jobs were dismantled. Under the circumstances, we must find a viable public pension system, both for the current employees and the youth now entering the labour market,” Labour Minister Campeanu explained.

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