1998 - Act Establishing the Rules for Early Retirement in the Social Security System (47/1998)

Policy Field: 
Working Life
Early Retirement
Major Implications of the Reform: 
  • This legislation established a reduction of the overall pension for employees due to early retirement (before the age of 65) by deducting 8 per cent for each year (or the equivalent for shorter periods) under the age of 65.
  • Early retirement is only possible if Social Security contributions were made for at least 30 years.