Pensions in Romania come in several varieties. Old-age pensions (pensie pentru limită de vârstă) are granted to people who have reached the standard retirement age and have completed the minimum period of contribution to the public pension system.
Early retirement pensions (pensie anticipată) may be granted, up to 5 years before the standard retirement age, to persons who have completed a contribution period that is at least 8 years longer than the full contribution period. Partial early retirement pensions (pensie anticipată parțială) may be granted, up to 5 years before the standard retirement age, to persons who have completed the full contribution period, and persons who have exceeded the full contribution period by up to 8 years.
To receive an old-age pension, a person must have reached the standard retirement age and must have contributed to the public pension system for a certain minimum period. As of 1 January 2019, the standard retirement age for women is 61 years and will increase gradually to 63 years by January 2030. The standard retirement age for men is 65 years. The minimum contribution period is 15 years for both women and men. The full contribution period for women is 31 years and will increase gradually to 35 years by January 2030. The full contribution period for men is 35 years.
In the public pension system, the amount of old-age pension is calculated on the basis of the contribution period achieved along the applicant’s career, the level of income that was used to calculate social insurance contributions, and the value of a pension point. Since 1 September 2019 the value of a pension point is 1265 Romanian lei.
- ^ Jump up to:ab c “Romania – Old-age pensions”. European Commission. 2019. Retrieved 2019-10-12. Material was copied from this source, which is available under a Creative Commons Attribution 4.0 International License.
Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder of TBIL.co STATX Fund.