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Retirement age likely to be increased

11:25 | 26.11.2021 Category: Social

Chisinau, Nov. 26 / MOLDPRES /-From 1 January the retirement age for men will be 63 and for women 63 will enter into force on 1 July 2028. A bill to this effect was approved in first reading yesterday.

The new regulations of the project refer to the restoration of the retirement age increase schedule, established in 2018. Thus, starting with January 1, 2022, the standard retirement age for men will be 63 years, and the full contribution period - 34 years.

For women, the standard retirement age of 63 years will take effect from July 1, 2028, and the full contribution period of 34 years will take effect from July 1, 2024.

Another provision of the bill concerns a new way of establishing the minimum pension. Thus, its amount will be established annually by the Government, and its value will be at least equal to that of the previous year.

The document also stipulates the right of people who have contributed to the retirement system and can confirm their required contributory period, to receive an early retirement pension. This will allow the realization of the right to a pension until reaching the standard retirement age.

It is also proposed to revise the pension indexation formula. The indexation will be done once a year, on April 1, and the indexation coefficient will be connected to the inflation coefficient for the year preceding the indexation. The draft law also provides for a coefficient of increase of pensions amounting to 50% of the real economic growth of the previous year. It will be granted annually, in a fixed amount, on April 1.

At the same time, the document establishes the possibility for the person to submit the application for granting the pension also electronically, through the portal www.servicii.gov.md or the web page www.cnas.md of the National Social Insurance House.

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