On December 18, the Parliament permanently adopted the law “guaranteeing the future and fairness of the pension system,” which should help improve its finances and therefore durability by 2020. At the same time, the reform increases the amount of old-age contributions and the length of insurance needed to get a full pension. Whereas actual retirement is going to increase, the impact of career hazards is going to be absorbed better, and an individual hardness prevention account is going to be created, allowing employees to retrain or retire earlier. This account will be funded by employers’ contributions, and the gradual retirement system will be improved. (Ref. 130813)
Another extension of the duration of contributions. The law enforces an increase in the contribution period* depending on the year of birth. Currently 165 quarters for people born between 1953 and 1954 and 166 quarters for those born in 1955, 1956 and 1957, it will be increased at the rate of 1 quarter every 3 generations for people born between 1958 and 1972, reaching 172 quarters for those born after January 1, 1973. The law provides for several accompanying measures for this increase for
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