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Romanian president promulgates new Pension Law

December 4, 2023

President Klaus Iohannis promulgated on November 29 the new Pension Law, which will set the public pension system on new grounds after every individual pension will be recalculated as of September 2024 with the result of an average 40% increase on top of the 13.8% annual adjustment in January.

Despite the high impact on the public budget in 2024 (RON 30 billion) and 2025 (RON 55 billion, 3% of GDP), the new law hides other vulnerabilities as well,

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