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It is important to know that the social security contributions paid today will affect the amount of your future pension. Likewise, the acquisition of 1 year of service per year through the payment of contributions of 12 monthly minimum wages (MMA). After paying the contributions of 12 average salaries (VMU), 1 unit of account (point) is acquired.
Provide up-to-date information.
“What will my pension size be?”: This question is relevant to many residents. In personal accounts, residents can control how their old-age pension rights change based on how long they have been working and how many social security contributions they are paying with their current salary.
We hope that by monitoring and evaluating this information, people can make decisions that will determine their future revenue, ”says Evaldas Mikutis, Head of Customer Service Management at Sodra.
It is important to remember that Sodra collects data on the population’s workplaces, the time worked in them and the salary received since 1994. People who worked before 1994 must provide Sodra with documents proving their seniority (workbooks, certificates seniority, military tickets, etc.). This can be done at any time without waiting for retirement age. Upon submission of these documents, seniority information will be updated.
If a person participates in the accumulation of pensions of the second pillar, he sees in his personal account in which company and at what rate he accumulates. Here you can also compare alternatives for a greater accumulation of pensions. Using a calculator, you can see the forecast of future income – what will be the amount of the old-age pension if you do not participate in the second pillar pension accumulation, and how this number will change if the pension is additionally accumulated.
The forecast that you see in the calculator does not mean that this is the amount of pension that a person will receive in the future, but it allows you to model the situation taking into account the wage bill, inflation, demographics and other important indicators.
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Photo by V.Ščiavinskas
How the pension is calculated
Annual experience is acquired by paying social security contributions of at least 12 MMA per year. Paying fewer contributions results in proportionally less seniority, but you cannot earn more than one year of seniority per year.
A unit of account is “earned” by paying more than 12 VMU social security contributions per year. Paying less gives you a share of the unit of account. A maximum of 5 account units can be purchased per year.
Upon reaching retirement age, the time of service and units of account acquired during the entire work period are added. The amount of the pension is calculated based on the unit value of the account applicable in that year and the basic pension coefficient.
The value of the unit of account and the amount of the basic pension are indexed annually as much as the average growth of the economy and the wage bill of the population.
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Photo by T. Bauro
All Sodra services are online
By logging into your personal account, you can not only check your accumulated service time for retirement, but you can also receive almost all Sodra services. This is especially true during quarantine, when all institutions work remotely.
Last year, residents logged into their personal Sodra accounts totaled 6 million. together. That’s 58 percent. more than in 2019, when 3.8 million were registered. logins to personal accounts.
You can request benefits, refunds, or certificates online by logging into your account. It is enough to complete the sickness benefit application once for all future cases.
The accounts also allow consultation with Sodra employees and personal information.
