The Ministry of Labour has officially announced the completion and implementation of a new plan for the first disbursement of pensions within one month from the retirement age milestone.
Specifically, starting in September, 2023, all eligible employees who apply for retirement will begin receiving their pensions in the immediate month following the attainment of their retirement age.
Here are the key details:
- As of the end of September 2023, workers retiring at the age of 65 (comprising 30% of pensioners) will start receiving their pensions one month after reaching the age of 65.
- By the end of December 2023, those retiring at the age of 63 (constituting 70% of pensioners) will begin receiving their pensions one month after turning 63.
Hundreds of pensioners will benefit from expedited processing in the coming weeks, with approximately 10,000 retirees benefiting annually, ensuring that no citizen is left without income upon retirement.
It’s worth noting that there were 10,257 pension applications in 2021, 11,425 in 2022, and as of today, 7,861 applications have been submitted in 2023. In 2022, the average processing time ranged from 5 to 6 months.
The Social Insurance Service’s computer system has been technologically upgraded to automatically utilise existing internal information for calculating pension amounts, ensuring the timely disbursement of the initial payment, the announcement by the Ministry of Labour noted.
Furthermore, after a detailed examination of each application, any discrepancies will be retroactively factored in through the monthly pension payments in the near future, it said.
In the coming days, the completion of the preparatory work, which began shortly after the assumption of duties by the new government, is expected. This work involves the overtime support of the Ministry of Labour and Social Security by personnel from other government agencies, dedicated to addressing citizen requests. These agencies include the Social Security Services, the Public Administration and Personnel Department, and the Legal Service.