Romania’s government debates new pension law
Romanian government is expected to start debating a new pension law on Wednesday. The country’s Finance Ministry already approved the draft which, as Finance Minister Eugen Teodorovici put it, would have a significant impact on the national budget. „It is a huge impact, and that is a fact. It is a huge amount of money. However, as the (governing) Social Democratic Party (PSD) always keeps its promises, the draft will be passed into a law to be applied. I believe it is an effort of about RON 700m, according to Finance Ministry estimates”, Mr. Teodorovici added.
Romania’s pension system has been subject to several factors, including unemployment generated by structural changes in national economy, decrease in birth rates and the migratory phenomenon, which generated significant imbalances with negative effects on the budget of the social services to ensure the financing of the public pension system.
According to the European Commission, in 2050 the number of pensioners in Romania will hit 6.6 million and the number of working people will be 6.26 million. This within a total population of 16.4 million.
Romania’s inflation rate according to INS
Romania’s annual inflation rate hit 5.03 percent in September, lower than the rate of 5.1 reported in August, according to data issued by the country’s National Institute of Statistics (INS) on Wednesday. However, Romania’s consumer price inflation eased marginally in September after accelerating in the previous month. Consumer prices rose 5.0 percent year-over-year in September, just below the 5.1 percent rise in August. Figures have been rising since January 2017. Food prices grew 4.4 percent annually in September and prices of non-food products climbed by 6.6 percent. Costs for services registered an increase of 2.5 percent. On a monthly basis, consumer prices gained 0.5 percent in September.
Romania’s TIB opens in Bucharest
Romania’s International Technical Fair (TIB), a four-day event in the capital Bucharest, opens at Romexpo on Wednesday. TIB 44th edition includes such fields as mechanical engineering, electrics, electronics, automation, communications and industrial IT, chemistry and petrochemistry, industry services, metallurgy and welding, transport, storage and much more. The event als includes conferences, seminars, workshops and film screenings. At the same time as TIB, Inventika is held, the international exhibition of inventions, scientific research and new technologies.