Labor Ministry says where money for raising pensions will be taken from

The Republic of Moldova follows a positive track and economic development will ensure additional state budget revenues. This will enable to finance the solidarity supplement planned by the Government, Minister of Labor and Social Protection Marcel Spatari said when answering the question where the state will take money from for increasing pensions. According to the official, the solidarity supplement that will raise the minimum pension to 2,000 lei is a provisional measure, IPN reports.

The minister denied the opposition’s accusations that the Government intends to borrow money from the development partners for raising the minimum pension. He said the minimum pension will be increased to 2,000 lei with state budget funds, including with the savings that the executive managed to make.

“An acquisition of blank identification papers to the value of 500 million lei was stopped at the Public Services Agency. We can say that for this year we saved money this way. The incomes of the social insurance funds are by 1.2 billion lei higher than projected as the economic activity was restored more dynamically after the pandemic crisis. We are on a positive track. Moldova does not borrow strictly for pensions. The pensions are financed from the state budget,” Marcel Spatari stated in the program “Moldova Live” on the public TV channel Moldova 1.

According to the minister, the solidarity supplement is a temporary measure applied in respect of older persons with small incomes and represents the state-covered difference between the value of the pension deserved by everyone depending on the insurance period and the value of the minimum pension.

“If someone has the calculated pension lower than the minimum pension, they will receive this supplement so that they get the minimum pension. This means that the persons who are now close to the minimum pension in several years will abandon this mechanism and will continue to receive the pension indexed according to the general rule,” stated Marcel Spatari.

As from October 1, 2021, 183,000 persons with full insurance period who got a pension lower than 2,000 lei will get a minimum pension of 2,000 lei a month. The increase will be of 366 lei on average. Also, 125,000 persons with an incomplete insurance period will receive a pension that will be by 398 lei higher, on average.

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