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News > Business > Markets > Stoinia
Celăreanu’s administration promises tax cuts & financial education
By Meilin Zhu, 28 March 2023.
The new Stoinian Cabinet has already revealed a list of plans with priorities. Celăreanu’s administration has issued a list of initial priorities. Commiting to a path of financial prosperity, PM Celăreanu has plans to scrape the inheritance tax, taxes on salary bonuses & increase financial literacy. Taking a great deal of inspiration from its northern Sallodesian neighbour.
The latter is planned to reform the education curriculum by next year. Minister Poroka Karauna has already vowed to work with experts on the matter and pass new legislation as soon as possible. The argument has been repeated over decades by the opposition that the pension reforms rely too heavily on the financial literacy of the population. While the financial market has implemented multiple formulas with safe options, the opposition remains adamant at the flaws of the pension system. Celăreanu’s education reforms aim to bury any criticism of the pension system deep underground with a formalised financial education for the populace.
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Silvia Vălean, the Stoinian PM from 1977 to 1989 who reformed the Stoinian pension system. Source: Sinaia Tribune.
The liberalisation of Stoinian pensions was spearheaded by PM Silvia Vălean, the Silver Lady, in 1983. The successful endeavour in conjunction with Sallodesian President Reginald S. Knight made citizens less dependent of the government and over the course of 40 years, brought the government’s pension burden from 12.8% to just 3.4% of GDP, while also ensuring that future generations wouldn’t have to work for retirees as well. With this new sustainable system, employees are mandated to set aside 9.5% of their salaries into pension funds which can then be invested into the larger market to increase their capital once they retire or choose a more passive form of investment. The system was put in place after careful negotiations between companies & unions, resulting in the companies fixating wages and funding the initial pension funds. Thus the first phase of its implementation was a success and PM Szekeres Dávid fully switched to Vălean-Knights’s pension system in 1995.
While the pension system has now become an integral system of Stoinian society, the Celăreanu administration aims to embrace the entrepreneurial spirit of Stoinia further. Scraping taxes on inheritance & salary bonuses, which have historically decreased over the past decades. Celăreanu hopes these measures will further incentivise citizens to invest into their pension or healthcare funds or further invest into the wider Pacifican economy. The Celăreanu administration has made its intentions clear to solidify the Stoinian market further and continue to preserve Stoinia’s place amongst Pacifica’s most developed economies by ensuring financial freedoms & financial literacy to its citizens.
OOC Note: The Sallo-Stoinian pension system is near identical to the Australian pension system. Similarly, the healthcare system is similar to Singapore’s.