Moldova: The standard retirement age for men will be 63 years starting January 1, 2022, and the full payment period for contributions will be 34 years.
For women, the standard retirement age of 63 will enter into force on 1 July 2028, and the full payment period of 34 years from 1 July 2024. This is provided for by the relevant amendments to the Law on the State Pension System, which parliament adopted in the second reading, thus approving the return to the pension reform, which began in 2017, and restoring the schedule for increasing the retirement age set in 2018. At the same time, the new bill stipulates that citizens will be able to exercise the right to early retirement in case of work and insurance experience more than standard. According to the document, citizens with more than standard insurance experience will be able to retire at any age. The document provides for the right of persons who have paid contributions to the pension fund and can confirm their required insurance experience, to retire early. This will allow citizens to exercise their right to retirement until they reach the standard retirement age. Thus, men will be able to retire for seniority if they have 39 years of service from next year, and women - 35.6 years (in 2024, seniority will increase to 37 years). Another provision of the bill concerns a new way of establishing the minimum pension. Thus, its size will be established annually by the government, and its value should not be less than a year earlier. The bill also provides for a return to the indexation of pensions once a year, in April, in line with the inflation rate for the previous year. At the same time, the procedure for the annual indexation of pensions will change - the pension of citizens will be increased by a percentage equal to 50% of the economic growth in the previous year. The increase will be carried out in a fixed amount and will be paid from April 1 to all pensioners, regardless of the size of their pensions. At the same time, the document provides for the possibility of citizens to apply for a pension also in electronic form through the portal www.servicii.gov.md or the website of the National Social Insurance Agency - www.cnas.md. The bill is aimed at ensuring the functioning of a stable pension system, access to public services and respect for citizens' rights to social protection. // 07.12.2021 – InfoMarket
