Challenges for the Romanian Public Pensions System in the Current Economic and Financial Crisis

• Main Author: Anca Sava
• Format: Article
• Language: English
• Published: University of Bacău 2010-12-01
• Series: Studies and Scientific Researches: Economics Edition
• Subjects: Romanian public pension system; public pension expenditure; economic and financial crisis
• Online Access: http://sceco.ub.ro/index.php/SCECO/article/view/106
• ISSN: 2066-561X; 2344-1321

This paper aims to address the challenges for the Romanian public pensions system in the current economic and financial crisis. Firstly, are presented the defining indicators of the Romanian public pension system, such as number of pensioners, the number of taxpayers, the dependency ratio pensioners/contributors, public pension expenditure as a percentage of GDP, etc. The article illustrates the challenges regarding the sustainability of the pension system to the aging population and the main predictions of specialized financial institutions on public pension expenditure for the next period. It also presents the current abuses of public pension system and the measures taken by the Romanian authorities to reform it.