Romanians will be able to retire 5 years before the standard age of 65 years for men and 62 years for women, if they have contributed to the pension system for 40 years and 37 years, respectively.
Romanians who can retire 5 years earlier, from autumn
Simona Bucura-Oprescu, Minister of Labour: There is the option for Romanians to retire early if they meet the condition of having 40 contributory years, they can retire 5 years earlier. In other words, if we have a man who started his activity at 20 and wants to retire early at 60, the age limit for men in the public system being 65, he can retire at 60 without any penalty due to the provisions of the new law.
And Romanians who have a shorter contribution period, of 35 years, can benefit from an early pension, but they will receive a smaller pension.
Simona Bucura Oprescu, Minister of Labor: For early retirement, the penalty decreases from 30% as it was in law 263/2010, and under the new law the penalty is 24%, that is, lower.
Those who retire earlier will, however, receive the pension from the second pillar also upon reaching the age of 65.
Reporter-people: Did you prefer to work?
– Yes, because that’s what keeps us alive, if we sit around for nothing it’s not good.
– At what age did you start working?
– 16 years.
– I still have enough until retirement, a lot could change.
– Have you ever thought about retiring early?
– Not necessarily, if I had no health problems why would I retire early.
The new law also brings increases of 90%
Those who worked under special or exceptional working conditions can retire 4 to 6 months earlier for each year worked under these conditions, which will disappear from the 2035 law.
Simona Bucura Oprescu, Minister of Labor: The reduction in the old law was 13 years, in the new law the reduction is 10 years. In the old law for special working conditions, the reduction was 10 years, in the new law it is 7 years.
Florentina Lazar, Observer reporter: Mothers will retire earlier. Up to seven children receive a six-month discount for each child born or adopted. The algorithm is no longer applied from the eighth child – they retire three and a half years earlier.
Almost five million pensioners are waiting for the recalculation in September, after which some low incomes can increase by up to 90%.
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