Players on Romania's mandatory private pension market cash in lei 111.3m contributions for February

Marţi, 21 Aprilie 2009, 16:10

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Administrators of mandatory private pension funds (Pillar II) cashed in contributions of 111.31 million lei for February and arrears from the previous months, according to the head of the pension office CNPAS, Doina Parcalabu.

The amount exceeded the 109.05 million lei recorded in January and cashed in last month, of which 104.6 million lei represented contributions and 4.45 million lei arrears from previous months.

The 14 funds on Pillar II counted more than 4.24 million participants at the end of March, up 65,726 people versus February.

Pillar II funds were to receive in March the first contributions of 2.5 percent of the gross average salary, but this year’s budget stipulates that the contributions be kept at 2 percent.

Yet, the law in the field said that the contribution should add each year 0.5 percent until it reaches 6 percent of the gross average salary in eight years.

The pension system was reformed in May 2007. There are three categories of pensions, also called pillars. Pillar I includes traditionally state-collected ones, Pillar II the private mandatory pensions and Pillar III the optional private ones.

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