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Theoretical and Applied Economics
No. 5 / 2013 (582)

How does the labour’s market dynamic influence the level of the public pension in Romania in the actual economic context?

The Bucharest University of Economic Studies

Abstract. In order to survive, the ageing population depends on the level of the public pension, for most of them the only source of income. This crucial social variable registers modest values in Romania in many cases, its level being less than the level of the minimum wage per economy.

As underlined below the average pension is an important social indicator and based on its value one can indicate the poverty level of one area or country.

Since according to Eurostat the percentage of the people at risk of poverty or social exclusion with ages over 60 years was greater than a quarter for 2011, we can state that the resources allocated for the pension public budget are insufficient.

In this study we analyze the connections between Romania’s labor market and the real pension. We assume that the labor market configuration has an important role for the evolution of the pension income.

Using an econometric time series model we capture a particular correlation between the real pension and different categories of active population and the real wage, both of the mentioned exogenous variables being representative and characteristically linked to the labor market dynamics.

Our approach underlines once more the importance of sacrificing the present, the immediate reality for a safer and better future. Nevertheless we express our concern for the future generations since the effects of the economic crisis will persist a long time further.

Keywords: pensions; wages; unemployment benefits; employment.

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