Romanians should invest at least 15% of their monthly income ina voluntary pension fund for 20 years in addition to thecontribution to the state and the mandatory pension, in order toafford a cruise as is the case of pensioners in Western Europeancountries, estimate officials of private pensions firm Eureko.
The overall contribution to the state pension and to themandatory private one is estimated to account for less than halfthe average salary in 2027.
More than 5.2 million Romanians currently contribute 3% of theirgross income to a mandatory pension fund (2nd pillar), while thenumber of people who contribute to a voluntary pension fund (3rdpillar) is more than 20 times lower, according to officialstatistics. The contribution of an employee to the state pensionaccounts for 10.5% of their gross income, of which 3% istransferred into the mandatory pensions system.
"The state pension and the 2nd pillar pension will not provideenough income for Romanians to be able to afford to go on a cruiseevery year in 20 years' time, as do pensioners in the moredeveloped countries of Europe. On Western European markets, theincomes supplied from the 1st and 2nd pillar pension systems areestimated to cover around 70% of the average salary, while on theRomanian market, it is estimated that future pensioners willcollect pensions worth up to 50% of the average salary from the 1stand 2nd pension pillar, if the contributions calendar is observed,"said Radu Brăgarea, general manager of Eureko private pensioncompany.
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