Women can retire at the age of 64 from 1st January

The Pension and Disability Insurance Fund (PIO) announced that the conditions for women to qualify for an old-age pension will be gradually changed by two months each year, until 2032, when they will be equalised with the conditions prescribed for men.

The Republic Pension and Disability Insurance Fund (PIO) stated that new retirement conditions will apply from 1 January, allowing women to retire at the age of 64 with at least 15 years of insurance contributions.

As far as men are concerned, the conditions remain unchanged, meaning they can retire with an old-age pension at the age of 65 and with at least 15 years of insurance contributions, the PIO said. The conditions for women to qualify for an old-age pension will be increased by two months each year until 2032, when they will be equalised with those prescribed for men.

It was announced that the condition for acquiring the right to an old-age pension that applies to both women and men, regardless of age, is 45 years of insurance contributions.

Employees who wish to exercise their right to an old-age pension under the conditions applicable this year must terminate their employment no later than 30 December.

The application should be submitted no later than 31 December, and this can be done at PIO Fund counters, via the electronic e-Counter service on the Fund’s website, or by registered post.

Submitting an application on 1 January or later implies the application of the conditions valid in the following year.

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