Until the standard retirement age is equalized between women and men, a process that occurs in stages, women can still retire at an age of less than 65. When they can do this depends on their date of birth and their contribution period.
Retirement age still differs between women and men PHOTO: Shutterstock
The very clear date regarding when a woman on the verge of retirement can retire is shown in Annex no. 5 of Law 360/2023 (new pension law). In this annex you can find: month and year of birth; the month and year of retirement, the insured’s age at retirement; the full contribution period (years/months); the minimum contribution period (years/months).
In October 2024, in the current month, women who are 62 years and 3 months old (born in July 1962) can retire. The full period of contributory contributions in their case is 32 years and 9 monthsand the minimum contribution period is 15 years (the minimum contribution period remains unchanged regardless of gender, age).
In November 2024 women born in August 1962 can retire. The full contribution period in their case is 32 years and 9 months. Women born in September 1962 will be able to retire in January 2025, when the standard retirement age for women already increases to 62 years and 4 months, and the full period of contributory contributions to 32 years and 10 months.
Things are much simpler for men, who can retire at age limit upon reaching the standard retirement age of 65, if they have contributed at least 15 years to the public pension system.
Retirement dates 2024, 2025 and 2026, for women (from Appendix 5)
The data in the table represent: month and year of birth; the month and year of retirement, the insured’s age at retirement; the full contribution period (years/months); the minimum contribution period (years/months).
If, on the other hand, they are in a situation where they have exceeded by five years the limit of full contributory contribution period – which is 35 years for them (therefore they have at least 40 years of contributory contribution period), they can still retire at the limit of age, at most five years earlier, explains the spokeswoman of the Olt Pension House, Claudia Măldăreanu. Women also have the same opportunity, i.e. to have exceeded the full contributory contribution period by at least 5 years and have no more than 5 years to reach the standard retirement age (data according to Annex 5).
Early retirement, possible, but with a penalty
In the case of people who have no more than five years left until reaching the standard retirement age and have exceeded by less than five years the full contributory contribution period (which is 35 years for men and according to the data in annex 5 of L360/2023 for women), there is the option early retirement. If they exceeded the full contributory contribution period by up to one year, the reduction point for each month of anticipation is 0.40. If they exceeded the full contribution period by one to two years, the reduction percentage for each month of anticipation is 0.35. For the period between 2 and 3 years worked over the full contribution period, retirement can be done before reaching the standard age with a penalty of 0.30% for each month of anticipation, for periods between 3 and 4 years worked over the full contributory period the penalty it is 0.25% for each month of anticipation and for periods between 4 and 5 years, 0.20% for each remaining month until the standard retirement age is reached.
The conditions regarding early retirement are provided by article 58 of law 360/2023, as follows:
(1) Anticipated pension is due no more than 5 years before reaching the standard retirement age to people who have completed the full period of contributory contributions, provided for in annex no. 5, as well as those who have exceeded the full contributory contribution period by up to 5 years.
(2) When establishing the full contributory contribution period, necessary to grant the early pension, the periods in which the person had the capacity of insured under an insurance contract concluded, starting from January 1, 2018, are not taken into account, based on the provisions of art. 6 para. (2) from Law no. 263/2010 regarding the unitary system of public pensions, with subsequent amendments and additions, of Government Emergency Ordinance no. 163/2020 for completing art. 159 of Law no. 263/2010 regarding the unitary system of public pensions, as well as for the adoption of measures in the field of insurance of some people in the public pension system, approved with amendments by Law no. 168/2021, with subsequent amendments, as well as art. 6 para. (2) and (3) of this law.
(3) The amount of the pension anticipated is established by reducing the amount of the old-age pension, in relation to the contribution period achieved over the full contributory contribution period provided for in annex no. 5 and with the number of months by which the standard retirement age was reduced, according to table no. 4. (n. ed. – reproduced below)”.
