Trends Regarding the Evolution of the Romanian Pension System

Open access

Abstract

The pension system, together with the social assistance services form the social security system is recognized worldwide throughout the adoption of the Universal Declaration of Human Rights for the purpose of insured person compensation for damages regarding some inherent risks as: permanent or temporary inability of work, old age or unemployment. The main objectives of a pension system are decreasing poverty regarding the lower income persons throughout the conditions of limitation of the working capacity which are financially vulnerable. In this article we provide a qualitative and quantitative overview regarding the Romanian pension system structure and mechanism. The conclusions of this article highlight the need for a more comprehensive reform of this system in order to strengthen it for the new challenges still to come in the near future.

6. References

  • 1. Arza, C., (2015), Discussion Paper The Gender Dimensions Of Pension Systems: Policies and constraints for the protection of older women, UN Women flagship report Progress of the World's Women.

  • 2. Beju, D., (2007), Coordonate ale reformei sistemului de pensii. Cazul României, Transylvanian Review of Administrative Sciences, no.20, pp. 16-32.

  • 3. Croitoru, E., (2015), Pension system reform in Romania: a dynamic analysis of the demographic influence, 7th International Conference on Globalization and Higher Education in Economics and Business Administration, GEBA, Procedia Economics and Finance, no. 20, pp. 140 – 146.

  • 4. Directorate General For Internal Policies Policy Department A: Economic And Scientific Policy, (2014), Pension Schemes, European Parliament.

  • 5. Eatock, D., (2015), European Union pension systems Adequate and sustainable?, European Parliamentary Research Service.

  • 6. European Actuarial Consultative Group, (2012), Sustainability of pension systems in Europe – the demographic challenge.

  • 7. Fenge, R., Scheubel, B., (2017), Pensions and fertility: back to the roots Bismarck's Pension Scheme and the first demographic transition, Journal of Population Economics, pp. 93-139.

  • 8. Godinez-Olivares, H., Boado-Penas, M.C., Haberman, S., (2015), Pay-as-you-go pension systems: Automatic balancing mechanism based on nonlinear programming to restore the sustainability, International Actuarial Association.

  • 9. Law no. 191/2001 of the Budget of State Social Insurances for the year of 2001, published in Official Monitor no.194 from 18th April 2001.

  • 10. Law no. 744/2001 of the Budget of State Social Insurances for the year of 2002, published in Official Monitor no.785 from 11th December 2001.

  • 11. Law no.632/2002 of the Budget of State Social Insurances for the year of 2003, published in Official Monitor no.871 from 3th December 2002.

  • 12. Law no.519/2003 of the Budget of State Social Insurances for the year of 2004, published in Official Monitor no.864 from 4th December 2003.

  • 13. Law no.512/2004 of the Budget of State Social Insurances for the year of 2005, published in Official Monitor no.1,128 from 30th November 2004.

  • 14. Law no.380/2005 of the Budget of State Social Insurances for the year of 2006, published in Official Monitor no.1,150 from 19th December 2005.

  • 15. Law no.487/2006 of the Budget of State Social Insurances for the year of 2007, published in Official Monitor no.1,047 from 29th December 2006.

  • 16. Law no.387/2007 of the Budget of State Social Insurances for the year of 2008, published in Official Monitor no.901 from 31st December 2007.

  • 17. Law no.19/2009 of the Budget of State Social Insurances for the year of 2009, published in Official Monitor no.122 from 27th February 2009.

  • 18. Law no.12/2010 of the Budget of State Social Insurances for the year of 2010, published in Official Monitor no.61 from 27th January 2010.

  • 19. Law no.287/2010 of the Budget of State Social Insurances for the year of 2011, published in Official Monitor no.880 from 28th December 2010.

  • 20. Law no.571/2003 regarding the Fiscal Code, published in Official Monitor no. 927 from 23rd December 2003.

  • 21. Law no.263/2010 regarding the Unitary public pension system, published in Official Monitor no. 852 from 20th December 2010, with further updates.

  • 22. Law no. 227/2015 regarding the Fiscal Code, published in Official Monitor no. 688 from 10th September 2015, with further updates.

  • 23. Mitruț, A., Wolff, F., (2011), Do private and public transfers received affect life satisfaction? Evidence from Romania, Journal of Economic Psychology, no. 32, pp. 969-979.

  • 24. OECD, (2014) OECD Pensions Outlook 2014, OECD Publishing.

  • 25. Pânzaru, C., (2015), On the Sustainability of the Romanian Pension System in the Light of Population Declining, Procedia - Social and Behavioral Sciences, no. 183, pp. 77 – 84.

  • 26. Schwarz, A., (2006), “Pension System Reforms.” Social Protection Discussion Paper, WorldBank.

  • 27. Schwarz, A., Arias, O., (2014), THE INVERTING PYRAMID Pension Systems Facing Demographic Challenges in Europe and Central Asia, The World Bank.

Journal Information

Metrics

All Time Past Year Past 30 Days
Abstract Views 0 0 0
Full Text Views 29 29 29
PDF Downloads 8 8 8