Persons working after retirement to get higher pensions in Moldova

15:23 | 08.06.2018 Category: Official

Chisinau, 08 June /MOLDPRES/ – The persons which worked or continue to work after retirement will receive higher pensions. A draft law on recalculation of elderly – age pensions, depending on cumulative contribution period after pension entitlement, has been approved by Government today, the government’s communication and protocol department has reported.

The recalculation of pensions will be carried out in stages, primarily – pensions established until 01 January 1999. As of 01 January 2019, pensions of persons completing a contribution period of over 15 years will be recalculated after they have retired. From 01 January 2020, there will be reviewed pensions of those with a minimum contribution period of 15 years. With regard to pensions established between 01 January 1999 and 01 January 2019, the recalculation will be made gradually from 2021 – 2027.

The re-calculation of pension in 2019 will benefit approximately 2,500 people, with a double increase of average pension – 2.3 times, from MDL 2,048 – 4,770, and in 2020 – over 5,500 beneficiaries, also with a doubling of average pension amount, from MDL 1,900 – 3,765.

The person will be able to request a re-examination of pension only once, amount of pension being higher than amount of pension he currently receives.

The draft law represents a new stage in pension system reform of Moldova and it will help to reduce inequities in social insurance system so that it is fair, sustainable and transparent.

"The calculation formula after 1999 was incorrect and no one received the pension according to money paid into social fund. We have revised this formula by law amending. Then, step by step, we have valued all pensions," said Pavel Filip.

It is worth to remind that, in 2018, all stages of valuation of pensions will be completed in advance. On 01 April, there were recalculated redefined pensions in 2012 – 2013, and from 01 October 2018, the ones established in 2014 – 31 March 2017 will also be revalued.

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