The legal age of access to retirement rises one month to 66 years and six months, starting in 2021, according to a diploma published in Diário da República (DRE), this Friday.
“The normal age of access to the old-age pension under the general social security system in 2021, under the terms of paragraph 3 of article 20 of Decree-Law no. 187/2007, of 10 May, in the its current wording, is 66 years and 6 months “, reads in the ordinance published this Friday and which takes effect since January 1, 2020.
The normal age of access to the old-age pension varies according to the average life expectancy at 65 years of age, an indicator that the National Statistics Institute (INE) updated in November to 19.61 years.
“Thus, considering that the average life expectancy at 65 years old verified in the 1998-2000 three-year period was 16.63 years and in the 2017-2019 three-year period, the sustainability factor applicable to old-age pensions was fixed at 19.61 years. started in 2020 is 0.8480 “, it reads in the DRE.
According to the rules in force, those who retire before the age that should be fixed for 2021, will have a cut in the value of their pension through the sustainability factor (mechanism that adjusts the retirement age to the average life expectancy) and a monthly penalty of 0.5% for each month brought forward in relation to the legal age access to retirement or personal retirement age.
Currently, rules on access to early retirement are in place which allow people with longer contributory careers to retire without cutting pensions or with only a 0.5% monthly penalty.
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