How much will Romanians who retire early be penalized! Simona Bucura-Oprescu explains

At this moment, the early pension without penalties can be obtained a maximum of five years before reaching the standard retirement age, provided that a contribution period of at least eight years greater than the full contribution period has been achieved.

On the other hand, the early pension with penalties can still be obtained a maximum of five years before reaching the standard retirement age, but it is only necessary to complete the full contribution period (those who exceed the full period by up to eight years are also eligible), writes avocatnet.ro

However, there is a category of retirees who can retire early without being penalized. According to the Minister of Labour, Simona Bucura Oprescu, we are talking about men who have turned 60 years old, but who have completed a contribution period of at least 40 years.

“Early retirement can be taken when you have completed the contribution period and you can retire early in two situations:

If you have 40 years of contributory service, you can retire early without any penalty. In other words, if you are a man and the age limit is 65 years, if you have 40 years of contributions, you can retire at 60. Without any penalty, with all the rights”, the Minister of Labor explained.

How much will Romanians who retire early be penalized?

On the other hand, Romanians who have contributed for 35 years can also benefit from early retirement, but they will be penalized.

“Also, for early retirement, if you have 35 years of contributory service, which is mandatory to retire early, you can retire early by reducing the penalty from 30% under the old law, to a penalty of 24%, as far as the new law is concerned”, said Simona Bucura-Oprescu on Antena 3 CNN.

Types of pension

Simona Bucura Oprescu also explained what types of pensions will be granted after the implementation of the new pension law.

According to the Minister of Labour, the types of pension are:

So, it can be seen that according to the new pension law, there will be only four categories of pensions, and not five, as it is at the moment. In other words, a pension category disappears. More specifically, early retirement without penalties.

Therefore, early retirement without penalties is only possible until August 31, 2024.