Maintaining the contribution paid to mandatory private pensions funds (2nd pillar) at 2% in 2009 would reduce by over 80 million euros the sum transferred into the accounts of the four million people registered in the system, according to APAPR (The Association of Privately-Managed Pensions). "The four million young people whose money is literally taken out of their pockets should be the most vehement opposers. If this political decision is taken by the current Government, they will lose over 80 million euros in pension money this year, money that would be wasted on populist measures," Crinu Andanut, president of the APAPR said, in a release sent to MEDIAFAX news agency. According to the draft budget for 2009, the contribution to 2nd pillar funds will remain at 2% of the gross income, which is paid by every employee. Contributions transferred to the private pensions system are due to increase by 0.5% a year, from 2% in 2008, to 6% of the participants' gross incomes by 2016, under Law 411/2004 on privately-managed pension funds. Therefore, pension funds should collect the 0.5% higher contribution (2.5%) in March, which is calculated based on the employees' January salaries. Andanut said a decision to preserve the level of contribution is an attempt to infringe upon the ownership right over these contributions.
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