Nowogard, October 4300
After a quick legislative process, this morning the Sejm enacted the law which changes the retirement age for women and men in the Republic of Valruzia. From now on the common retirement age will be set at 67 years of age. The overall shape of the reform is the same as the government's initial plan for the reform. The law includes some exceptions for citizens to go onto early retirement after a certain job seniority.
The text of the Retirement Age Reform of October 4300:
• The retirement age in the Republic of Valruzia shall be 67 years for men and women;
• Women shall be allowed to apply for an early retirement at the age of 63 after the minimum of 35 years of job seniority; an individual who chooses to go on early retirement is eligible to receive up to 70% of the full pension. Pensions obtained by the passage onto early retirement will not rise to the level of minimum average pension, but instead, they will be the subject to valorization at 24 months intervals, to accommodate their height to the current market trends;
• Men shall be allowed to apply for an early retirement at the age of 65 after the minimum of 35 years of job seniority; an individual who chooses to go on early retirement is eligible to receive up to 70% of the full pension. Pensions obtained by the passage onto early retirement will not rise to the level of minimum average pension, but instead, they will be the subject to valorization at 24 months intervals, to accommodate their height to the current market trends;
• The National Institute of Social Services shall be responsible for securing funds to be re-distributed in the state pensionary system according to the payroll presented by the employer;