Social Security: Old-Age Insurance

Beneficiaries and Conditions for Entitlement

Beneficiaries

Workers who cease working totally or in part and who satisfy certain requirements are eligible for the old-age pension.

Full Retirement

When the worker stops working completely and complies with the general requirements for receiving the old age pension.

Partial Retirement

This reconciles receipt of a social security system pension and performance of a part-time job.

Workers who have reached the ordinary retirement age and who satisfy the requirements for receiving the pension without the need for a hand-over contract.

Workers who satisfy the conditions for receiving an old-age pension except for their age. In this case a hand-over contract must be signed.

Early Retirement

Employees of 60 years of age covered by the general system who were members of an Employees' Mutual Insurance Scheme before 1 January 1967. This possibility does not apply to workers who are neither covered by social security nor in an equivalent situation.

Workers of 61 years of age registered as job-seekers for a period of at least six months immediately prior to the date of applying for the old age pension who certify a minimum contribution period of 30 years, without taking the proportional part for bonuses into consideration and when cessation of work is not due to the worker's free will.

Benefits: Retirement requirements

Requirements

• They are registered, members or in an equivalent situation in the social security.
• They have paid 15 years' contributions, at least two of which must fall within the last 15 years immediately prior to that date (the day of cessation of work or the day of applying for the pension, in the case of a situation equivalent to membership).
• They have reached 65 years of age and stop working.
• They may also be entitled to the old age pension even if they are neither covered by social security nor in an equivalent situation, provided they have reached 65 years of age and can certify the prescribed contribution period.

In the case of workers contracted on a part-time basis, in order to certify the contribution periods only the contributions made according to hours worked, both ordinary and overtime, will be counted, calculating their equivalence in theoretical contribution days.

Text last edited on: 06/2005

Source: European Union
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