Relevant for early retirees – will increase from next year

Pensions will also increase for orphans if the orphan’s pension was awarded to parents who received an early retirement pension.

“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 per cent has been applied for each month remaining until retirement age and after retirement age, for each month of early retirement.

For example, a person’s old-age pension is 400 euros 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 of the beneficiaries affected by these changes will begin to be paid no later than 2021. March 31st. At the same time, the pension arrears derived from the recalculation of the social security early retirement, old age, disability or orphan pension from 2021 will be paid to the beneficiaries. January 1. It is not necessary to send any application for this conversion to Sodra .

For those who receive (received) an early 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 take 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 later – 42 years 6 months.