Higher Retirement Age & Pensions Proposed

By , 14 Mar 2019, 10:20 AM Lifestyle
Higher Retirement Age & Pensions Proposed pixnio.com CC-by-0

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STA, 13 March 2019 - The Ministry of Labour, the Family, Social Affairs and Equal Opportunities has proposed changes to the pension system under which retirement age for persons without 40 years of pensionable service would gradually increase from the current 65 years to 67 by 2034.

 

Under the current legislation, employees who do not have 40 years of pensionable service may retire at 65, but receive lower pensions.

The new proposal raises the retirement age for these persons to 67 years by two months a year until 2034, Minister Ksenija Klampfer said as she presented the proposal to the press on Wednesday.

The condition that a person must have 40 years of pensionable service for old-age retirement under 67 years remains in force.

The pension rate for persons with 40 years of pensionable service is proposed to be increased in six years to 63% of the long-term average wage for both men and women. The current rate is 57.25% for men and 60.25% for women.

An additional 1.25 percentage points will be added to the rate to persons who were on parental leave in the first year of the child's life, said Klampfer.

The higher pension rate will allow for higher old-age, widow, disability and family pensions and compensations from disability insurance, the minister explained.

Retired persons will also be able to continue to work after meeting the conditions for old-age pensions and receive 50% of their pensions for three years and then full pension after that, with some safeguards being in place.

There will be certain conditions for this right to be exercised, including that contributions for social security have been paid in full, Klampfer said. At present, pensioners who continue working only get 20% of their pensions.

The proposal follows the solutions agreed on in the coalition agreement, said the minister, noting that in 2025, pensions of persons with 40 years of pensionable service would be by 8% higher on average.

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