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OLD-AGE PENSION

Eligibility conditions

In order to be eligible for old-age pension, an insured person should, meet the conditions stipulated by the Law regarding the age of life and the length of insurance coverage.

The Law on Amendments to the Law on Retirement and Disability Insurance (which came into force on 1st January 2015) the conditions for exercising the right to old-age pension were changed.

An insured person is eligible for old-age pension when:

− turning 65 years of age and having the length of insurance coverage of at least 15 years,
− having the length of insurance coverage of 45 years, regardless of the years of age.
 This provision (65 years of age and at least 15 years of insurance service) will be fully implemented only from 2032, because the Law prescribes a transitional period in which these, as amended, conditions for the insured woman will be introduced in respect of reaching the required years of life gradually.

TRANSITORY PERIOD

The law provides for a transitional period in which the insured woman, who has reached at least 15 years of insurance periods, acquires the right to an old-age pension when she reaches:

  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;
  In 2030, 64 years and eight months of age;
  In 2031, 64 years and ten months of age.
https://www.pio.rs/en/old-age-pension

DECREASING THE ELIGIBILITY AGE

The Institute for lowering the age limit implies that the insured person, subject to fulfilling the statutory requirements, in determining the right to an old-age pension, will lower the prescribed condition with respect to the required years of life in relation to the general age limit for acquiring the right to an old-age pension.
 The age limit is lowered to the insured person, who has completed at least 2/3 of the total completed length of service, depending on the extent of the length of service for one year, in the workplaces where the length of service is calculated (insurance period in extended duration):
 1) for every five years spent in a workplace, or at a job for which effectively spent 12 months are calculated as 14 months of insurance coverage
 2) for every four years and six months spent in a workplace, or at a job for which effectively spent 12 months are calculated as 15 months of insurance coverage
 3) for every three years spent in a workplace, or a job for which effectively spent 12 months are calculated as 16 months of insurance coverage, and
 4) for every year and six months spent in a workplace, or a job for which effectively spent 12 months are calculated as 18 months of insurance coverage.

 The age limit can be lowered maximum up to 55 years of age, for insured persons who work in jobs where the length of service is calculated so that 12 months counts as 18 months, the age limit can be lowered maximum up to 50 years of age.

 Workplaces, or jobs enabling calculating insurance period with increased length are stipulated by the Regulation on the workplaces or jobs for which insurance period is calculated with increased length. http://www.zso.gov.rs/domaci-propisi-pio.htm

EXERCISING THE RIGHT

The right to old-age pension is to be exercised by filing a claim with the Republic Fund for Retirement and Disability Insurance after the cessation of the insurance, except for the insured persons performing the work in accordance with the law regulating the work of private entrepreneurs who can exercise their right to old-age pension by meeting the eligibility conditions for old-age pension.

Old-age pension is to be paid as of the day of meeting eligibility conditions, if the application is submitted within six months of meeting the eligibility conditions, namely as of the day of insurance termination. If the application is not submitted within the stipulated time limit, the pension is to be paid as of the day of submitting the application and for the period of six months preceding the application.

A beneficiary of an old-age pension is entitled to employment, self-employment or performing work in agriculture. Upon the termination of employment, self-employment or work in agriculture, the contributor is entitled to re-evaluation of the amount of pension, under the condition of being insured (on that basis) for a period of at least one year. During the employment period, retirement and disability insurance and health insurance contributions are paid.

You can find the requests and forms related to the exercise of pension and disability insurance rights at the following link: https://www.pio.rs/en/node/2570

 
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