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The report indicates that the data on the autonomous population is provided for the last reporting period, until December 31, 2019. Acquired seniority and units of account, if residents have already paid the contributions of the previous year.
Sodra updates these personal data of the population every six months so that the population can know in a simple and clear way how many pension rights they have acquired. Each person’s length of service and units of account are different and depend on how many years the person has worked and how many social security contributions they have paid.
According to Sodra, it is important that part of the older population who worked before 1994 may not see their entire length of service. This may be the case if the resident has not yet submitted documents to Sodra about the duration of the service acquired during the Soviet era. This can be done at any time, even with a retirement pension, so there is nothing to worry about.
Duration of service and units of account are listed on the title page of the personal resident account, which can be accessed www.sodra.lt/gyventojui page.
Here you can immediately see if the resident participates in the accumulation of the second pillar pensions and calculate the amount of the projected pension. The Projected Old Age Pension Calculator is one of Sodra’s most popular tools for residents.
The length of service and the units of account are important because the amount of old-age pension a person will receive depends on these personal indicators. Annual service is purchased if the resident pays (or is paid) social security contributions per year of at least 12 monthly minimum wages (MMA). It will not be possible to earn more than one year of service per year, but if contributions are paid less, only part of the year of service can be earned.
This is especially relevant for the self-employed – their length of service and units of account are calculated in the same way as for all employees – depending on the declared income and the social security pension contributions paid on this income.
According to Sodra, a pension accounting unit is awarded if a person has earned and paid contributions of 12 median salaries (VMU) during the year. Earning less results in one unit of account, and earning more and paying more social security pension contributions results in more units of account, but a maximum of 5 per year.
After reaching retirement age, all years of service and units of account acquired during life are added together and the amount of the pension is calculated.
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