The voluntary private pension system (Pillar III) attracted a record number of new clients in 2023 and is approaching 1 billion euro under management, reports the Association for Privately Administered Pensions in Romania (APAPR).The total number of voluntary pension system participants reached 710,000 at the end of 2023, on whose behalf the 10 voluntary pension funds manage net assets of RON 4.74 billion (EUR 953 million), up 31% from 2022 and representing a historic high for the system.In 2023, voluntary pensions recorded a weighted average return of 16.8%, about 10 percentage points above the inflation rate, consolidating their very good long-term performance.Voluntary private pension funds have already made payments totalling around RON 635 million (EUR 128 million) to almost 80,000 beneficiaries over the period 2007-2023, of which RON 115 million (EUR 23 million) in 2023 alone. Pillar III participants can receive their accumulated money any time after they turn 60, and they can continue to contribute after that age.Money saved under Pillar III can be received either as a lump sum or in equal monthly instalments over a maximum of 5 years. In the unfortunate event of the participant's death, the money accumulated in Pillar III goes to the legal or testamentary heirs.
The stock of deposits in Romanian banks decreased by over RON 3 billion during the first half (H1) of 2025 to RON 629.2 billion at the end of June, while the plunge was steeper for local currency deposits; residents preferred foreign currency, according to the data published by the National Bank of Romania (BNR). The […]
The management of Turkish group Otokar announced that it plans to design and produce military vehicles in Romania through its local joint venture with Automecanica, according to TechRider.ro. The two companies are...
Romania's National Salt Company, Salrom, has received an extension for its graphite exploitation license in the Ungurelașu–Polovragi area, the company announced on July 23. The project is part of a European Commission-backed initiative to strengthen the continent's supply of strategic raw materials essential for battery manufacturing. Salrom is seeking nearly EUR 200 million in European […]
The interim president of the Social Democratic Party (PSD), Sorin Grindeanu, announced on July 23 that his party is coming up with proposals in the second package of fiscal reforms, such as the supplementary taxation of capital and wealthy individuals, as well as regulations regarding profit shifting, according to News.ro. "This [profit shifting] must stop, […]
The second package of fiscal reforms will be agreed by the end of July, but it will be enacted in the first part of August, Romania’s ruling coalition agreed in a meeting on July 23, according to converging sources familiar with the negotiations quoted by Euronews. Sorin Grindeanu,...
The Macroeconomic Confidence Indicator of the CFA Romania Association dropped sharply in June, falling by 14.9 points to 29.9, the organisation announced on July 24. The decline was driven by a significant deterioration in both the expectations and current conditions components, amid rising concerns over fiscal policy and sovereign risk. The analysts surveyed expect 0.9% […]
