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Glossary

Retirement pension

Retirement pension is a pecuniary performance for the insured who fulfils conditions giving right to the retirement pension from the social security, that is, he/she:

1) attained retirement age - depending on the sex, employment in specific conditions or for special function,

2) has appropriate contributory period and non-contributory period.

The basic retirement pay for persons, who were born before the year 1949, is defined by a job seniority and wages in the chosen work periods. For persons who were born after 31 December 1948, and who joined the open pension fund, or, who are not the members of OPF and who did not fulfil requirements needed to get retirement pension on the previous rules, basic retirement pension depends on the capital, which was collected on individual insurance account. The conditions to acquire privileges to get retirement pay and other pension benefits paid by MND, MIA, and MJ, and the amount of those benefits are defined separately (the Act of 23 July 2003 to amend the Act on the Social Insurance System).

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