As of 1st January 2017, the provisions of the partial early old-age pension have been introduced to the Seafarer’s Pension Act and other earnings-related pension acts.
The partial early old-age pension cannot be granted earlier than 1st February 2017.
The minimum age for receiving the partial early old-age pension is defined as follows:
- for persons born in 1963 and before the minimum age is 61 years;
- for persons born in 1964 the minimum age is 62 years;
- for persons born in 1965 and after the minimum age will be linked to the change in life expectancy.
The partial early old-age pension shall be 25 or 50 % of the pension that has accrued until the time of the pension contingency.
This pension shall be adjusted with a reduction for early retirement, the size of which shall be 0.4 % for each month that the pension is paid before the applicant reaches the earliest eligibility age for old-age retirement.
The requirement of working part-time shall be abolished, and earned wages and number of working hours shall not be monitored. The employee can decide whether to stop working, continue working full-time or reduce working hours.