Romania's gov't approves pension hike 

World

The Romanian government approved the Emergency Ordinance to increase the benchmark used to calculate pensions and the social allowance for pensioners, starting with January next year, a release from the Ministry of Labor showed reported news portal Romania-insider.

The value of the benchmark (the so-called "pension point") increases from RON 1,442 to RON 1,586 (EUR 320).

The bill also stipulates that starting with 2023, the value of the pension point increases with the average annual inflation rate, to which is added 50% of the real increase of gross average earnings.

Regarding the social allowance for retired people (a form of social support not backed by past contributions), the government increased it from RON 800 to RON 1,000 (EUR 202).

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