New formula for determining pension

IPN.md

25 March 2017
12:53

A new pension calculation formula will be applied as of April 1, 2017. The regulations that define the procedure were published in the March 24 number of the Official Gazette. The authorities say the pensions set after April 1 will be by 45% on average higher than if they were calculated according to the old formula, IPN reports.

The new formula is based on the interdependence between the size of pension – social insurance contributions – and valorization of the insurance average monthly incomes earned after January 1, 1999.

The valorized income is determined based on the depreciation of the national currency for the given period.

Thus, the following formula will be used as of April 1 this year: P (pension) = 1.3% x Tt x Vav, where Tt is the total insurance period, Vav is the average monthly valorized income insured, while 1.35% is the accumulation rate for the insurance period.

The pensions paid before April 1 will also be valorized, in stages. This year, there will be recalculated the pensions fixed in 2001-2008, for about 80,000 persons.

Also on April 1, the pensions paid from the social insurance budget will be indexed by 6.8%. The pensions of about 700,000 recipients will be indexed overall. The minimum old-age pension will be 1,026 lei.

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New formula for determining pension

IPN.md

25 March 2017
12:53

The valorized income is determined based on the depreciation of the national currency for the given period.

The pensions paid before April 1 will also be valorized, in stages. This year, there will be recalculated the pensions fixed in 2001-2008, for about 80,000 persons.

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The Farmers’ Force Association asserts that the cereal and oilseed sector is going through a deep crisis, exacerbated in the last five months by the rising cost of fuel and fertilizers, the stagnation of wheat prices, and the lack of subsidies. In this context, farmers are asking the Government for a set of urgent measures to prevent the situation from worsening, reports IPN.

According to the association, the price of diesel has increased by approximately 70%, and farmers are facing a fuel shortage that threatens the agricultural work of the summer-autumn season. At the same time, the costs of fertilizers have risen by 35-40%, while the price of wheat on the domestic market remained unchanged in July and fell in the last week by 30-40 cents per kilogram.

The Farmers’ Force asserts that vegetable producers have been left without subsidies this year, and arrears for 2025 have not been paid. The Association claims that the new Agricultural Strategic Program does not provide direct payments for cereal and oilseed crops, while small and medium farmers are affected by the disasters of recent years and the pressure of creditors.

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