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Albanians who risk their pension, what is happening with the necessary years of contribution

2024-01-30 09:48:39Biznes SHKRUAR NGA REDAKSIA VOX

Albanians who risk their pension, what is happening with the necessary years of

To receive a full old-age pension in 2023, 37.5 years of work with paid insurance were needed, but those who retired had an average of only 27 years of work with insurance.

People who retired in 2012 had paid an average of 34 years of insurance and in 2023 only 27. Failure to meet the criterion of years of work with insurance significantly reduces retirement benefits.

On the one hand, young pensioners have fewer and fewer years of contributions, and on the other hand, year after year, together with the retirement age, the period of years with contributions increases. Last year it took 38 years of insurance to get a full pension and by 2030 it will take 40 years to get a full pension.

But with the current rates, Albanian pensioners will not complete even half of the years with contributions, making their payments in the future to be very low, almost like the minimum pension.

With the new pension reform that entered into force in 2015, the monthly old-age pension consists of a basic amount and an additional amount.

The basic amount is calculated as the ratio of the insurance period that the person has completed to the insurance period required under Article 92, multiplied by the social pension.

The supplement is 1% per year of insurance multiplied by the estimated average base that the insured persons have reached through contributions.

"But since the years of contribution criterion is now being met less and less, the new old-age pensions end up being similar to social pensions, thus discouraging the payment of contributions by current employees," notes the International Monetary Fund in its latest review of Agreement with Albania.

Pensioners, who do not fulfill their working years and do not manage to benefit from a full old-age pension, are increasing rapidly.

According to official data, in 2022 pensioners with partial payment make up 48% of the total number of people who benefit from an old-age pension, up from 45% in 2021.

In 2022, there were 481,420 old-age pension beneficiaries across the country, of which 231,734 received partial payments.

The faster growth of partial pension beneficiaries shows that the third age risks extreme poverty, as inflation has been high in the last two years.


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