Pension (old-age benefit)
All workers should be protected by a pension system financed by the contributions of active workers and employers. The pension is a periodical payment that is payable to survivors after the prescribed age. The prescribed age limit should not be more than 65 years.
The benefit is secured after the person has completed a prescribed period of contributions (normally 30 years of contributions or employment). A reduced benefit may be secured after at least 15 years of contributions or employment. A reduced benefit can also be paid under certain conditions to a person who has not fulfilled the contribution period or the employment conditions required. This benefit may be suspended or reduced if the person undertakes any gainful activity.
In countries where there is the opportunity for women to take earlier retirement, they should have the possibility of choosing to remain in work up to the same age as is set for men. According to case law of the European Court of Justice developed since 1986, the fact that a person has reached the minimum age for retirement under the pension scheme gives no right to dismissal of the worker.
→ see also Social security/social protection
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