THE DIFFERENT IMPACT OF PENSION REFORM ON WOMEN AND MEN

pension system’s reform on women and men. Gender objectives were not considered a priority in the reform frame, although there is a series of complex problems generated by these changes and women will be mostly affected. Key words: pension, reform, annuity Pension system reform The Romanian state introduced a pension system at the beginning of the 20th century, with money contributing to the system moving on to the existing pensioners. As a self-sufficient entity, this is now heading for collapse. Life expectancy has increased, which is good news for everyone except the welfare state, because the total number of pensioners will overtake those who can contribute to their pensions. Many analysts argue that the failure of the state pension is because the system in which contributors pay to the social securities budget is inefficient. The state also does not, and cannot, invest the money it receives – which it then passes on straight to the current class of pensioners. Demographically, the number of contributors to the state pension is decreasing every year. Numbers of employees in Romania have fallen from over eight million in 1990 to under five million in 2006. If at the beginning of the 1990s there were five employees paying the pension of one retired person, this ratio now stands at one employee to 1.