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“Early retirement is mainly for people who suddenly lose income and leave the job market. People under the age of sixty are often laid off and can’t always find a new one. In this case, the early retirement pension is like a lifeline for them until they reach retirement age, ”says Linas Kukuraitis, Acting Minister of Social Security and Labor.
When calculating the amount of the early retirement pension, a reduction of 0.32 percent will be applied for each month remaining before the anniversary of the retirement age or for each month of receiving the early retirement pension. So far, a reduction of 0.4 percent has been applied for each month remaining until retirement age and after retirement age, for each month of early retirement.
For example, the amount of the person’s old-age pension is 400 EUR per month. If a person decides to receive an early retirement pension 5 years before retirement age (this is the maximum time to receive an early retirement pension), they will receive EUR 323.20 per month (instead of the previous EUR 304), and if 2.5 years before retirement age, the retirement age is € 361.60 per month (instead of the previous € 352).
The recalculated pensions to beneficiaries affected by these changes will begin to be paid no later than 2021. March 31. At the same time, the beneficiaries will be paid the pension arrears derived from the recalculation of the early retirement, old-age, incapacity for work or social security orphan’s pension as of 2021. January 1. No application is necessary for this conversion to Sodra.
For those who receive or have received an early retirement pension but have a long history of social security pensions, the old-age pension will not decrease
From 2021 Modifications previously adopted by the Seimas will come into effect on January 1, according to which long-term employees who have received an early old-age pension for no more than 3 years and have acquired a history of long-term pension insurance in At the time of granting this pension, their old-age pension will not be reduced.
The amount of the old-age pension will not be reduced if the person has received the early old-age pension for no more than 3 years and their seniority at the time of the granting of the early-age pension is not less than:
1) 2021 and earlier – 40 years;
2) 2022 – 40 years 3 months;
3) 2023 – 40 years 6 months;
4) 2024 – 40 years 9 months;
5) 2025 – 41 years;
6) 2026 – 41 years 3 months;
7) 2027 – 41 years 6 months;
8) 2028 – 41 years 9 months;
9) 2029 – 42 years;
10) 2030 – 42 years 3 months;
11) 2031 and then 42 years 6 months.
The state budget must provide more than 5 million for the implementation of the law. 5.3 million euros per year. in 2021 to 5.9 million. euros in 2023.
An early retirement pension is available if:
1) there are no more than 5 years left until retirement;
2) the person has accumulated the necessary service time;
3) has no other income, does not receive other pensions.
Early retirement pensions are paid from July 2004. The average pension is € 280. Currently, around 5.5 thousand receive early retirement. recipients.
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