Rangam Bir, Allianz Tiriac: One worker to support 9 pensioners in 2050 due to population aging

One Romanian worker will have to support nine pensioners in 2050, due to the population aging, said Rangam Bir, head of the National Union of Insurance and Reinsurance Companies in Romania. “Even though 2050 seems fa way, we're talking about 30 to 35 years. By 2050, more of the population will be older, it will have over 60 years old. Population aging in Europe is a key problem which has to be managed for the health system, especially in what concerns the social burden and the deficits it triggers,” said Rangam Bir, who is also the general manager of insurer Allianz Tiriac. Alternative financing for healthcare will be required, such as the development of the private health insurance market. The pensions system in Romania is structured so as the taxes paid by existing workers cover the pensions of existing pensioners, and a person's pension is established based his or her level of social contributions during his work period. editor@romania-insider.com