May 22, 2020 / 2:45 PM / 4 days ago

Romanian FinMin says pensions to rise on Sept. 1-TV

BUCHAREST, May 22 (Reuters) - Romanian state pensions will rise from Sept. 1, Finance Minister Florin Citu told private television station Realitatea TV on Friday, without elaborating on the percentage.

Facing local and parliamentary elections, Romania’s centrist minority government has so far said it plans to push through with a massive 40% pension hike approved by a previous Social Democrat cabinet unless budget revenue deteriorates.

The pending hike has prompted warnings of ratings downgrades and pressured financial assets. The government expects the economy to contract 1.9% this year suffering the effects of the new coronavirus outbreak, less than market estimates.

“There are two scenarios I will present to the government, with the accompanying risks,” Citu said. “The decision will be political. Pensions will rise from Sept. 1.” (Reporting by Luiza Ilie)

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