Retirement age changes - For women, 61 years and 10 months. Seniority at work for men is increasing
As the government has declared that it will undertake a pension reform, with the start of 2025 the retirement age for women will change as well as the years of seniority at work for both sexes, according to the changes that came into force in January 2015.
The reform undertaken 10 years ago provided for a gradual increase in the age and seniority at work, which is directly related to the amount of the pension.
Thus, during this year a woman must be 61 years and 10 months old, in order to fulfill the retirement criteria. With the changes made to the law "On social security", an increase in the retirement age by two months per year is foreseen, becoming 63 years old in 2032. Then the age increase will also start for men, to to be 67 years old in 2056, for both sexes.
But while men are not immediately affected by the increase in the retirement age, they are affected by the increase in years of seniority at work. This means that, if a man should have been 35 years old in December 2014, from January 1, 2025 he should be 38 years and 8 months old.
The same logic applies to women, whose years of seniority at work also increase with age. Referring to the legislation in force, the gradual increase in seniority directly affects the amount of old-age pension, since it is one of the components of the formula for its calculation.
According to the formula, the pension consists of a basic amount, which is equal to the social pension, multiplied by the years of insurance each person has, divided by the years of seniority at work.
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