The World Bank is deeply concerned about the adoption by the Parliament of Moldova of a series of laws that would reverse the hard-earned progress made in recent years on pension adequacy and sustainability, the effectiveness of Moldova’s asset declaration regime in ending impunity for corruption violations, and the soundness of the financial sector, IPN reports.
According to the Bank, “lowering the retirement age will weaken the sustainability of the pension system and result in smaller pensions for everyone, especially for women. Ultimately, this measure leaves fewer resources for priority spending in health, education and infrastructure.
“The amendments to the asset declaration legislation undermine the verification of asset declarations and make imposing disciplinary sanctions for integrity violations nearly impossible. A critical tool for ensuring accountability for corruption has been greatly weakened.
“Finally, the repeal of Law 235 or the “billion law” raises concerns about the National Bank of Moldova’s ability to effectively support macroeconomic and financial stability, essential for the welfare of Moldova’s citizens.”
Under the proposal that incorporates the relevant bills of the Party of Socialists and the Shor Party, as of 2022, the standard retirement age for women will be 57 years, while for men – 62 years. For women who gave birth to or educated up to the age of eight five and more children, the retirement age will be 54. For persons who worked for at least ten full years in special conditions, the standard retirement age will decrease by five to nine years and six months, depending on the insurance period.
Among the adopted laws is the law to repeal the so-called “billion law”. Under the bill, the Government, within three months of the coming into force of the law, will work out and propose the measures needed to solve the problem of indebtedness of Banca de Economii, Banca Socială and Unibank to the National Bank of Moldova.
The laws were adopted by the votes of the MPs of the Party of Socialists and For Moldova Platform, which includes the MPs of the Shor Party, on December 16. The opposition said the laws were carried in secret, by violating the regulations, and are toxic for the citizens of the Republic of Moldova.
