Pensions: When is the use of fictional years and how much it costs (graph)

The acquisition of fictional years is the key to the establishment of a pension right and to reduce the age limit, up to seven years earlier.

The key given by the fictional years for a quick exit from EFKA is that the required insurance time until 2012 is completed, which for the old before 1993 insured also determines the age they will receive a pension.

With the acquisitions of fictional time until 2012, the old insureds also guarantee the ages that were then in force, following the gradual increase by 2022.

To supplement « stamps » by 2010 in IKA and Special Funds, 200 days of unemployment and 200 illness are recognized in the 2000-2009 and military service (after 58 years).

To complement « stamps » for 2011, up to 4 years and for 2012 up to 5 years from military service, unemployment, studies, children’s time, insurance gaps.

To complete the insurance period from 2013 onwards, they are recognized up to 7 years for a pension of 62 to 40 years.

Insurers in the UAE and the EBRD have the opportunity through acquisitions to complement the 35 years by 2012 and to retire between 60 and 62.

For the 35th year, 4 and 5 years are recognized, respectively, to be completed in 2011 and 2012.

Without 35 years by 2012 or without 40 years after 2013 they will be 67 if they are insured before 1993 (old), while young people from 1993 onwards are insured in the OAEE and EBRD and have the option for reduced to 62 with a 15 years of contributions.

They also recognize up to 5 years from the time of activity before being enrolled in their funds to complete the 35 years by 2010, and after 2011 this time is taken into account in other fictional years.

In the State, the total number of years that an insured person can recognize is 4 to 7 years and in addition to 5 years due to children, that is, the fictitious time that can be redeemed in the State reaches up to 12 years.

It should be noted that the cost of redemption for employees is 20% on salary during the month of application or the last 12 months, provided that there is no fixed employment. In cases of unemployment or part -time, it is calculated by a 20% contribution on the minimum wage.

With today’s minimum wage at 880 euros, the minimum cost of fictional redemption is 176 euros a month.

In the State, for applications submitted from 1/1/2020 onwards the acquisition is made by a 20% contribution on the salary.

For applications until 31/12/2016 the cost is 6.67%, in 2017 applications the cost is 10%, for 2018 it is 13.34%and for 2019 is 16.67%.

For freelancers and farmers, each month of recognition costs as much as the monthly contribution to the pension industry. The insured can choose fictitious times from 12 categories.

The application for fictional time recognition can now be submitted and activated later, near retirement.

The redemption is in the interest of being early and even better to be paid a lump sum, because a 2% discount is given for each full redemption year.

In addition, it is in the interest of those who have low earnings, because if they get increases, the cost of acquisitions automatically increase.

Especially for professionals, the acquisition of fictional time automatically expenses every year when their insurance contributions increase.

IKA – Special Funds (DEKO – Banks). They are recognized up to 4 years for the foundation in 2011, 5 for 2012 and until 7 from 2013 onwards.

Faced time sources: Military service, studies, child time, unemployment, illness and insurance gaps.

Until 2010, 400 days are recognized by unemployment/illness and military service. If the required time required (eg 5,500 days for mothers with a minor or 35 years), insured persons are pensioned even before 62.

IKA mothers are not allowed to be redempted due to children if they are founded by a minor.

Public.

The 25 years to 2012 determines the right and age limit.

For foundation until 31/12/2010 as many fictitious years are recognized for 25 years. From 1/1/2011 the fictional applies to the completion of 36, 37 or 40 years.

Recognized up to 4 years in 2011, 5 in 2012 and 7 from 2013 onwards. In addition, up to 5 years for parents with 1-3 children. So the maximum recognizable time is 9 years for 2011, 10 for 2012 and 12 from 2013 onwards.

OAEE – EBRD (freelancers).

With a acquisition of up to 4 years (2011), 5 years (2012) and 7 years (from 2013 onwards) they can complete 35 years and retire at 62, without required 40 years.

If 35 years are not completed, they are driven to 67. The time exercise time before enrollment in the funds is taken into account in fictional after 2011.