Saturday, January 29, 2011

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How will our pensions.

The draft bill on pension reform approved Friday by the Council of Ministers reduce pensions of almost all English in two ways different: on the one hand, they will pay for less time (by raising the retirement age) and, second, they pay less each month (reducing the amount of the benefit).

The way to prolong the time an unsustainable system is that fewer earners and more paganinis (raising the retirement age), while reducing the pension of those retiring (extending the period of calculation). The following are the main changes reform that, you know, not the last:

1. Delay retirement age : The most striking change and the least explanation needed. From now on the legal retirement age will be 67 years instead of 65. Only those who have accumulated 38.5 years listed may leave the work force until the age now.

2. regulatory base: So far, the pension is calculated by dividing 210 the worker's contribution base for the 180 months (fifteen years) before retirement. This calculation takes into account inflation. The reform provides for an extension, in two steps, in the years used for this calculation: first you will catch 20 and then 25 years.

2.1 Example: Imagine a person 40 to 50 years traded the equivalent of 1,000 euros / month. At that age, I got a raise and was listed 1,500 euros / month to 65 years.
So far, his pension would be 1,500 * 180/210 = 1285 euros per month.
With this reform, their pension will be: (1,500 * 180) + (1,000 * 120) / 350 = 1,114 euros / month.

2.2 Consequences: Here, each will have to do their calculations. A few, they could benefit reform. For example, someone who had contributed much of the 40 to 50 years and had been unemployed at the time. At most, they hurt, because almost everyone over age 65 charged with 40.

3. percentage contribution years: Not everyone takes 100% of his base salary. To calculate the pension, this applies to a percentage basis depending on the number of years of contributions. Up until now, had to be 35 years of contributions to qualify for the 100 and was down 2% for each year of less (and then a 3% after 25 years of contributions, see Table 1 ).

Source: Ministry of Labour. Social Security.

3.1 Example today: If our example retiree had contributed 35, charged the 1,285 euros, of which we spoke earlier. If she had paid 34 years earned 1285 * 0.98 = 1259. And if they had begun to contribute to the forty (25 years before retirement) earned 1285 * 0.8 = 1.028

3.2 The change after reform: The new law extended the minimum to 37. Even those who retire at age 67 must have served at least two years longer than current pensioners to collect their respective maximum contribution base.

4. Early retirement : Until now, any could request early retirement at age 61. What happened is that he applied a reduction in the percentage of their pension for each year in advance (see Table 2 ).

Source: Ministry of Labour. Social Security.

4.1 Example: if a person with 40 years of contributions would retire at 61, his pension was reduced by 24%. If you retire at 63, the reduction was 12%.

4.2. The amendment : From now on, retirement advance may be made only after 63 years, no matter how many years of contributions. Therefore, whoever wants to go home at 63 will lose 24% of his base (and those of 61 and 62 years shall not retire).

5. Who is affected by this reform? : Current pensioners have nothing to fear. Your pension is guaranteed. The reform will start to implement from the year 2013 and its implementation will be progressive.

5.1. When you start to apply? : The development will be progressive in all areas. This means that there will be people who retire in 2012 at 65 and others to do so in 2013 at 67. It will also be phasing in other aspects explained in the previous points, but needed to know exactly how to apply.

5.2. When retiring the fifties English? : The reform primarily affects those between 45 and 63 years currently. The major charge to the previous system. All children will know that many reforms before their turn.
In the case of retirement age for example, appears to be expanded in two months from 2013 to 2027. Thus, those who are 62 years now, will retire in 2013 with 65 years and two months, while those who are 50 springs will retire in 2027, at age 67.

6. The result: It is very difficult to calculate how reform will affect the overall system, since the extension of the period of calculation makes the cut depends crucially on the difference between what they charge those between 40 and 50 years and what they charge the older. Since the Government itself has spoken often of a saving of approximately 20% in the system (the sum of the benefits that are left to pay and the reduction of the average pension). This Friday, Expansion reach a similar figure. Therefore, it is normal that the average pension falls around 15-16%.

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