Property in Romania

Pensions raised by 43 percent in Romania

Romania’s President Traian Basescu approved a parliamentary proposal to raise pensions by 43 percent in 2008.

“The government must now reduce public spending to ensure the pension law does not affect the development of the country,” Romania’s President Traian Basescu said.

The measure will cost €30 billion until 2013.

The government has said Romania can afford the pension hike because its current economic boom is projected to continue beyond 2013, adding that it has no intention to raise taxes.

Date posted: July 19, 2007