EARLY (PREMATURE) OLD-AGE PENSION
ELIGIBILITY CONDITIONS
The Law on Amendments to the Law on Retirement and Disability Insurance which came into force on January 1, 2015, introduced the institution of early old-age pension into the pension system of Serbia.
In order for an insured person to qualify for an early old-age pension, it is necessary, at the same time, to fulfill the requirements regarding years of life and length of insurance coverage.
The insured person acquires the right to early retirement pension when he or she attains at least 40 years of insurance periods and at least 60 years of age.
This provision will be fully implemented from the 2024, because the Law anticipate a transitional period in which these conditions will be introduced gradually with respect to reaching the required years of life.
TRANSITORY PERIOD
The Law provides for a transitional period during which an insured person is entitled to a early retirement pension when he or she reaches:
1) in 2015, 40 years length of insurance coverage and at least 55 years of life (male), ie 36 years and four months of length of insurance coverage and at least 54 years and four months of life (female);
2) in 2016, 40 years length of insurance coverage and at least 55 years and eight months of life (male), or 37 years length of insurance coverage and 55 years of life (female);
3) in 2017, 40 years length of insurance coverage and at least 56 years and four months of life (male), ie 37 years and six months length of insurance coverage and at least 55 years and eight months of life (female);
4) in 2018, 40 years length of insurance coverage and at least 57 years of life (male), or 38 years length of insurance coverage and at least 56 years and four months of life (female);
5) in 2019, 40 years length of insurance coverage and at least 57 years and eight months of life (male), respectively 38 years and six months length of insurance coverage and at least 57 years of life (female);
6) in 2020, 40 years of length of insurance coverage and at least 58 years and four months of life (male), or 39 years length of insurance coverage and at least 57 years and eight months of life (female);
7) in 2021, 40 years length of insurance coverage and at least 59 years of life (male), respectively 39 years and four months length of insurance coverage and at least 58 years and four months of life (female);
8) in 2022, 40 years length of insurance coverage and at least 59 years and six months of life (male), respectively 39 years and eight months length of insurance coverage and at least 59 years of life (female);
9) in 2023, 40 years length of insurance coverage and at least 60 years of life (male), ie 40 years length of insurance coverage and at least 59 years and six months of life (female).
https://www.pio.rs/sr/starosna-penzija
AMOUNT OF EARLY OLD-AGE PENSIONS
The amount of the early old-age pension is determined in the same way as the amount of the old-age pension, provided that the amount determined is permanently reduced by 0.34% for each month before age 65, and can be reduced by up to 20.4%.
Insured persons who have an extended service account and are entitled to a lower age limit for obtaining the right to an old-age pension, the amount of the early retirement pension is determined by deducting 0.34% for each month of early retirement compared to the age limit established by the lowering.
TRANSITORY PERIOD FOR THE DETERMINATION OF THE AMOUNT OF THE EARLY AGED PENSION FOR THE FEMALE INSURANCE
The Law provides a transitory period for the insured woman, in which a permanent reduction of the amount of pension is made by 0.34% for each month of early retirement and is calculated before the completion of:
in 2015, 60 years and six months of age;
in 2016, 61 years of age;
in 2017, 61 years and six months of age;
in 2018, 62 years of age;
in 2019, 62 years and six months of age;
in 2020, 63 years of age;
in 2021, 63 years and two months of age;
in 2022, 63 years and four months of age;
in 2023, 63 years and six months of age;
in 2024, 63 years and eight months of age;
in 2025, 63 years and ten months of age;
in 2026, 64 years of age;
in 2027, 64 years and two months of age;
in 2028, 64 years and four months of age;
in 2029, 64 years and six months of age;
at 2030, 64 years and eight months of age;
in 2031, 64 years and ten months of age.
EXERCISING THE RIGHT
The right to early old-age pension is realized by submitting a claim to the Republic Fund for Pension and Disability Insurance, after the termination of insurance, except for the insured persons who perform activities in accordance with the law governing the work of private entrepreneurs (self employed persons) who may exercise the right to early retirement pension by fulfilling the conditions for acquiring the right to early old-age pension.
Early old-age pension shall be paid from the date of fulfillment of the conditions, if the claim is submitted within six months from the date of fulfillment of the conditions prescribed for acquiring the right, i.e. from the date of termination of insurance, and if the claim is submitted after the expiry of that period, from the date of application and for previous six months.
The beneficiary of early old-age pension may be employed, or start a self-employed or agricultural activity. Upon termination of such employment, or performing that activity, the insured person is entitled to a re-determination of the amount of the pension, provided that (on that basis) he has been insured for at least one year. During the employment period, pension and disability insurance and health insurance contributions are paid.
Requests or forms regarding the exercise of the right to early old-age pension, as well as information on the documentation that must be attached to the application can be found at the following link: https://www.pio.rs/en/node/2570
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