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Human Capital Alert No. 10/December 2008

Official Gazette (Emergency Ordinance 192 / 25 November 2008 published in Official Gazette 815 / 4 December 2008)

I. The Emergency Ordinance amends Law 387/2007 regarding the State Social Security Budget for 2008, providing that the pension contribution rates applicable for December 2008 shall be valid until the 2009 Social Security Budget Law enters into force. Moreover, starting from 1 December 2009, the rates shall be as follows:

- for normal working conditions - 27.5%;

- for extraordinary working conditions - 31%;

- for special working conditions - 37%.

II. This Emergency Ordinance also amends and completes Law 76/2002 regarding the Unemployment Insurance System and introduces measures for stimulating the hiring of unemployed individuals, such as the grant of subsidies and allowances; the eligibility conditions for receiving such subsidies and allowances are also provided. The employers creating new jobs and hiring for such jobs individuals who are unemployed for at least 3 consecutive months (as per the records of the Unemployment Agencies) are granted from the Unemployment Fund with an amount equal to 8 times the value of the social indicator (i.e., RON 500).

Employers who terminate the employment before a period of 3 years must return the amounts received for the persons employed under such conditions, plus interest (computed using the reference interest rate of the National Bank of Romania valid when the employment ends).

III. The Emergency Ordinance amends Law 19/2000 regarding the Public Pension System, such that starting with 1 January 2009 the value of the pension point for 2009 shall be of RON 763.7.

IV. In addition, the Emergency Ordinance amends Health Law 95/2006 exempting from the health contribution the pension income which is below the taxable level (RON 1,000 as established by the Fiscal Code) until 1 January 2010.

 

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