Subscription campaign for mandatory private pensions to end today

Employees under the age of 35 are obliged to subscribe to a pension fund, while the subscription is optional for employees under 45. According to recent pension legislation, 2 percent of gross monthly income is to be administered by a pension fund, instead of being directed to the social security budget, as is currently the case.

Those who do not subscribe by January 17 will be randomly distributed to one of the pension funds on the market. According to the current legislation, the distribution will be made proportionally, according to the market share of pension funds. However, following a meeting between Labor Ministry officials and trade union representatives, the law might be changed, and subscribers could be assigned evenly to the pension funds.

Currently, the market leader is the fund administered by ING, with a 33.5 percent share, followed by Allianz-Tiriac, with 25.1 percent share and Generali, with a 9.5 percent market share.