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Contributions to private pension funds (Pillar II) will increase from 3.75% to 4.75%, after the Government approved on Wednesday an Emergency Ordinance in this sense, the Ministry of Labor announced in a press release sent to AGERPRES.
According to the quoted source, the contribution to privately managed pension funds is part of the social insurance contribution due to the public pension system and is deducted from the gross monthly income which is the basis for calculating the social insurance contribution.
The calculation basis, the withholding and the payment terms of the contribution to the pension fund are the same as those established for the social insurance contribution.
