Mandatory pension funds to collect EUR 455 mn. worth of contributions for 2009
ROMANIA. The country's mandatory private pension funds (2nd pillar pensions) will collect aprox. EUR 455 mn. worth of contributions as of next year. The average gross wage in Romania for 2009 is estimated at 1,865 RON (505 EUR), according to the budget adopted by the Romanian government for 2009. The estimation is based taking into account a contribution level of 2.5% of this wage for about 3,5 million participants and an average exchange rate EUR/RON of 3.7 units.
Until now, after six months of collection for the mandatory pension funds, they amassed contributions worth about EUR 160 mn. They will probably reach 220-230 EUR mn. by the end of this year, according to official estimates.
Romania's mandatory pensions market consists of 14 funds, 4.4 million adherents (our of which only 3,8 million are active participants and the rest are dead accounts) and net assets of about 160 EUR mn. after six months of collection.
