Abstract. The paper explores recent and long-term developments in the public pension system in Romania, analyzing both the dynamics of the number of pensioners and the average pension, as well as their relationship with indicators of poverty and social exclusion. The approach combines descriptive statistical analysis with an econometric perspective, with the main objective of identifying the main trends and determinants of the sustainability and adequacy of pensions. Although the nominal increases in the average pension seem consistent, the research highlights that they are not reflected in an immediate improvement in the standard of living for the elderly. The comparison between the evolution of pensions and the relative poverty threshold shows that a significant part of pensioners remains exposed to the risk of economic vulnerability, which raises essential questions regarding the efficiency of public policies in the field of social protection. The comparative analysis at the European level highlights significant differences between Romania and other European Union Member States. While in some Western countries social protection levels ensure a high degree of economic security for the elderly population, in Central and Eastern Europe much higher rates of poverty risk persist among pensioners, creating a picture marked by structural inequalities and disparities. The results obtained confirm the importance of correlating pension policies with macroeconomic dynamics and social inclusion indicators. They also highlight the need for reforms that target not only the financial sustainability of the system, but also the adequacy of benefits, so that they effectively contribute to reducing poverty and increasing the quality of life among the elderly population.

Keywords: public pension, intergenerational equity, relative poverty threshold, demographic pressure, salary earnings.