A pension reform took place in 2017 which gradually rises retirement age, standardized pension accrual and introduced new pension options.
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This guide goes through what the pension reform contains and how it affects pension accumulation.
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What does the pension reform contain
- Employees' pension contribution changes are introduced. Contribution is from now on same for everyone and contribution for entrepreneurs will be more unified.
- Pension accrual rates are standardized. Employee's pension accrual will accumulate according to the employee's whole salary. (Does not affect salary payments or salary deductions)
- Retirement age will gradually rise to 65 and will be tied to life expectancy coefficient in 2030. (Does not affect salary payments or salary deductions)
- New pension options are introduced: Partial old-age pension and Years-of-service pension Pension reform and Pension reform.
- An increment for deferred retirement is introduced. Working after the earliest eligibility age for old-age pension increases pension accrual rate.
- A target retirement age will be determined for each age group.
Pension contributions
Employee contribution
Contribution rate is the same for everyone from the age of 17.
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| Age | Employee contribution percent |
|---|---|
| 17–52 years | 6,15 % |
| 53–62 years | 7,65 % |
| 63–67 years | 6,15 % |