Civil servants and military officers mainly affected by pension changes

The first wave of changes to the country’s ailing pension system will mostly affect civil servants, military officers and those…

The first wave of changes to the country’s ailing pension system will mostly affect civil servants, military officers and those who have retired early. The omnibus bill of prior actions that was submitted for discussion is revealing.

Those who retired from the start of 2011 up to September 2015 will have their pensions recalculated. Additionally, the age of retirement will gradually increase and come into effect as of the 19th of August.

Additionally, the bill provides that a 67% disability is required in order to be exempt from the new minimum pensions. Penalties for taking out an early pension still stand.

Furthermore, the omnibus bill includes a retroactive 10% pension cut for those in the public sector who have taken an early retirement, while military officers will no longer be able to retire before the age of 58.

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