Business associations ask Gov’t to preserve the current pension structure and to rise Pillar II contribution to 6%

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Coaliția pentru Dezvoltarea României (CDR), representing the voices of over 25 business associations, bilateral chambers of commerce and confederations, asked the Government in a press release on Thursday to preserve the current pensions structure, based on three pillars and to bring under regulation, as soon as possible, the increase of the Pillar II contribution value from 3.75% up to 6%.

CDR has repeatedly warned over the negative impact that the suspension of the Pension Pillar II or the cut if its contributions would have.

The CDR members, but also other business environment associations, have publicly sent similar messages, underlining the risks for the employees, companies, financial markets or for the Romanian economy in general.

Public statements so far have stirred confusion and mistrust among the members of the business community and employees from Romania and have already negatively affected Romania’s image in the eyes of potential investors,” says CDR press release.

CDR also asks the Executive to say why does anything has to change „considering that the current pension system is the only structural reform that has yielded to every  ruling in the past ten years, has produced beneficial effects for seven million Romanians and has contributed to the increase of the financial education among Romanians.”

Why should we change anything now? Don’t break the children’s piggy bank,” said Dragoş Neacşu, CEO Erste Asset Management.

CDR gets together representatives of Romanian and foreign investors and is led by a Managing Board consisting of presidents and vice-presidents of six business associations: The Businessmen’s Association of Romania (AOAR), AmCham, the French Chamber of Commerce and Industry in Romania (CCIFER), the German-Romanian Chamber of Commerce and Industry (AHK Romania), Foreign Investors Council (FIC) and Romanian Business Leaders (RBL).

BCR Pensions head: We are ready to consider any way of appeal to defend the money from Pension Pillar II

Radu Crăciun, the head of BCR Pensions and of APAPR (the association representing the seven private pension administrators) said during a press conference on Thursday that the association will not remain careless about this issue, but failing some concrete plans of the Gov’t, it is too early to talk about the precise appeals.

I assure those 7 millions participants that we will not stand careless (…) We already benefit of legal assistance and we are preparing to consider any appeals at hand to defend the money of the participants of the Pension Pillar II,” Craciun said.

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