Call on employees to protest against Gov’t regarding Pension Pillar II

The Association of Pension Funds and Investment Funds (PFP) calls on employees to protest on Sunday, September 3, being dissatisfied with the statements made by the Prime Minister of Romania, accusing the Government of wanting to take money from Pension Pillar II funds, a communiqué released on Monday informs.

“The situation is very simple: the Pension Pillar II funds have money and the government wants to take it over. And if the radical measures such as nationalization/ closure did not work out, the Government seeks other explanations to justify the takeover of this money or at least part of it,” the press release issued by the association reads.

Last Friday, sources informed that the government is preparing an emergency ordinance to cut the contributions to Pension Pillar II. Later on, PM Mihai Tudose confirmed the Executive’s intention in this respect, saying that, according to the Finance Ministry, “the returns of the Pension Pillar I are higher than the one obtained by the Pillar II” and that for this reason he has asked for a review of the opportunity to diminish the contribution committed to the private-managed funds.

“As it is a contribution committed to a zone with a higher return, the funds for every Romanian’s pension will rise. It’s a way to increase the pension in the future. (…) We found out that the state is a better administration in this respect,” the premier argued.

On the other hand, PM Tudose denied allegations that the Gov’t would plan to nationalize the Pension Pillar II.