Ukraine: pension reform will increase pensions for 9 million citizens

Lvov, Ukraine (Julien Brun, CC BY-NC)

Romanians protested in Bucharest against the future tax changes

Bulgaria’s economy grew 3.9 per cent in 2016

Ukraine

Ukrainian pensioners will earn more. As the Interfax reports, the Verkhovna Rada of Ukraine has just passed the bill reforming pensions. The new law increases pensions and raises a minimum pensionable service period from 15 to 25 years. It will come into force January 1st.

President Petro Poroshenko has commented the development Facebook: “We congratulate our compatriots on the adoption of the long-awaited pension reform, which already makes it possible to raise pensions for more than 9 million Ukrainians. Thank you all for your work for the benefit of Ukraine!”

Currently there are 11.9 million pensioners in Ukraine. The average pension is UAH1828.3 (EUR58.26)

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Romania

Thousands of employees from the health, police and transport sectors were protesting in Bucharest on October 4th. As the Romania Insider reports, the protesters are against the future tax changes in the country. They claim it could affect their salaries, as one of these changes “targets the transfer of social taxes from the employer to the employee”.

Romanian Finance Minister Ionut Misa explains that the government will issue a “directive obliging employers in the private sector to maintain a certain level of the gross salary after the social contributions are fully transferred to the employees”. It is said the measure will “preserve the employees’ net wages. But the trade unions disagree. The unions’ leaders claim the decision to force a gross wage increase on employers “would likely be challenged in court ultimately leading to 20 per cent lower net wages for employees.”

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Bulgaria

Bulgaria’s economic growth reached 3.9 per cent in 2016, according to the National Statistical Institute (NSI). It’s up 0.5 percentage points compared to the preliminary estimate that was reported in March 2017.

SEE News Corporate Wire informs that – calculated in current prices – Bulgaria’s gross domestic product (GDP) totalled BGN94.1bn levs (EUR48.14bn) in the period mentioned.

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What’s up in indexes

BET (of Bucharest) decreased from 7,888.01 index points Tuesday, October 3rd to 7,888.66 index points Wednesday, October 4th. It’s down 0.02 per cent d/d and up 12.99 per cent y/y.

BUX (of Budapest) increased 37,908.57 index points Tuesday, October 3rd to 37,923.24 index points Wednesday, October 4th. It’s up 0.04 per cent d/d and up 32.73 per cent y/y.

CROBEX (of Zagreb) decreased from 1,805.23 index points Tuesday, October 3rd to 1,801.34 index points Wednesday, October 4th. It’s down 0.22 per cent and down 7.09 per cent y/y.

OMXR (of Riga) decreased from 994.34 index points Tuesday, October 3rd to 994.14 index points Wednesday, October 4th. It’s down 0.02 per cent d/d and up 39.53 per cent y/y.

OMXT (of Tallinn) increased from 1,216.42 index points Tuesday, October 3rd to 1,219.94 index points Wednesday, October 4th. It’s up 0.29 per cent d/d and up 21.44 per cent y/y.

OMXV (of Vilnius) increased from 646.47 index points Tuesday, October 3rd to 648.32 index points Wednesday, October 4th. It’s up 0.29 per cent d/d and up 18.81 per cent y/y.

PX (of Prague) increased from 1,051.20 index points Tuesday, October 3rd to 1,052.51 index points Wednesday, October 4th. It’s up 0.12 per cent d/d and up 20.27 per cent y/y.

SAX (of Bratislava) increased from 317.78 index points Tuesday, October 3rd to 323.83 index points Wednesday, October 4th. It’s up 1.90 per cent d/d and up 4.48 per cent y/y.

SOFIX (of Sofia) decreased from 680.67 index points Tuesday, October 3rd to 677.35 index points Wednesday, October 4th. It’s down 0.49 per cent d/d and up 32.95 per cent y/y.

UX (of Kyiv) decreased from 1,235.20 index points Tuesday, October 3rd to 1,205.74 index points Wednesday, October 4th. It’s down 2.39 per cent d/d and up 44.86 per cent y/y.

WIG20 (of Warsaw) decreased from 2,469.58 index points Tuesday, October 3rd to 2,444.19 index points Wednesday, October 4th. It’s down 1.03 per cent d/d and up 39.35 per cent y/y.

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