Retirement: New regulation in force

The new retirement regulation, harmonized with the Law on Pension and Disability Insurance, came into force on the first day of 2017. The new regulation stipulates that women will now retire six months later than before, i.e. at 61 years and 6 months of age, and with, at least, 15 years of documented work experience.

This retirement age will gradually move up until 2032 until it reaches 65 years for women. In regard to men, the retirement conditions haven’t changed and they can retire at 65 years of age, and, at least, 15 years of documented work experience.

Alternatively, both women and men can retire once they have 45 years of documented work experience regardless of their age.

As of 1st January, 2017, men will also be able to retire prematurely if they have 40 years of documented work experience and, at least, 56 years and 4 months of age, while women will be able to retire prematurely if they have 37 years and 6 months of documented work experience, and, at least, are 55 years and 8 months of age.

In the case of premature retirement, their pension will be permanently reduced by 0.34% for every month they need to reach the full retirement age of 65 for men and 61 for women respectively. The total reduction cannot exceed 20.4%.

(eKapija, 02.01.2017)

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This post is also available in: Italiano

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