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Financial Act 2022 & Social Measures in Romania

By a large majority and with few amendments, the draft budget and social security law for 2022 were adopted by the Bucharest Parliament.
The budget law was drafted on an economic growth of 4.6%, a Gross Domestic Product of around 260 billion euros, an average annual inflation of 6.5% and an average gross salary of around 1,200 euros per month. The social security budget is 7.7% of GDP. Most of the budgets allocated to the main public institutions remained in the form proposed by the government.

Starting January 1, in addition to the increase of the minimum wage with 10.9% to 520 Euro, five million pensioners will receive an additional 10% to their pensions. The pension point will go up to some 320 Euro. Child benefits will also get an increase. Children up to 2 years old and those with disabilities will receive 120 Euro, while children up to 18 years of age will receive 50 Euro.

The Labor Minister admitted the measures will also trigger an increase in the purchasing power, but says it will offer protection considering the latest price hikes. The increase in the price for natural gas and electricity and other utilities and products has boosted the inflation rate to nearly 8%. Overall, the impact of the measures will be tantamount to 3.2 billion Euro. It is a considerable strain on the 2022 budget, so there won't be enough funds for other salary increases in the public system.
So, the base salaries, military pays, allowances and bonuses awarded to public sector employees will not be increased net year so as to avoid putting additional strain on public spending. The special pensions will also be frozen, while special pensions awarded to mayors will be awarded starting 2023, having as its main reason the state considerable debt, equal to 50% of GDP.

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