What does it take to retire? How to calculate the length of service?

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What does it take to retire?  How to calculate the length of service?

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Retirement is a right of workers and consists of a remuneration granted after years of contribution to Social Security, upon completing some minimum requirements related to work. But, what it takes to retire?

Our goal with this article is to highlight what types of retirement, what it takes to retire, and more. Follow and learn everything about retirement.

Normally, retirement has the function of assisting people who no longer able to exercise their profession.

THE social Security it is the public security program responsible for ensuring that people looking for retirement are served.

Since the beginning of their career, all workers must contribute with the Ministry of Social Security through the EHIC (National Institute of Social Security), or by the federative entities through the RPPS (Own Social Security Schemes).

What it takes to retire? There are several types of pensions such as:

  • advanced age;
  • service time;
  • invalidity.

The EHIC is responsible for receive contributions professionals to:

  • payment of benefits;
  • administration of receipts;
  • approval or denial of the required concessions, among other activities.

After the labor reform, many laws were changed, including those related to retirement. Check below what it takes to retire in the coming years and get all your questions answered.

What does it take to retire?

The persons entitled to retirement are those who are:

  • Employees with a formal contract;
  • Temporary employees;
  • Public servants;
  • Domestic employees;
  • Individual workers;
  • Individual taxpayers (self-employed professionals).

Read too: 6 employee hiring models and how to choose the best option

What are the types of retirement?

The types of pensions have been changing due to a series of social and economic factors. There are different ways for a person to be able to retire, which have been created over the years, according to the needs of UK residents workers.

1. By age

What does it take to retire by age? Retirement is granted for:

  • Women with a minimum age of 62 years, with a minimum of 15 years of contribution;
  • Men at least 65 years of age and also 15 years of contribution.

2. By contribution time

This type of retirement is a right granted to those who have contemplated a certain period of contribution, without necessarily reaching the minimum age.

For men, this option is valid after 35 years of contribution to the EHIC, while for women it is necessary 30 years of being a taxpayer.

3. For special retirement

The benefit of this option is directed to those professionals who work in unhealthy environments, being exposed to agents harmful to health such as:

  • noise;
  • chemical materials;
  • illnesses;
  • radioactivity;
  • dangerous, flammable, electrical physical materials, among other situations with high security risks.

The working time for professionals subject to this type of environment is, in general, of 25 years, but in some cases, where exposure to harmful agents is greater, the time required may decrease to 15 or 20 years.

This will depend on the type of exposure suffered and the assessment of the case by a doctor and / or work engineer.

4. For disability

Another option that does not follow the basic requirements to retire is disability. Benefits are granted to professionals who, although they do not have time to contribute or minimum age, are unable to perform their activities due to illness or accidents at work.

What does it take to retire due to disability? after the application at EHIC, the person who fits in this modality must go through a medical evaluation so that the degree of inability it's the time in which it will exist, which may be partial or permanent.

In the event that it is temporary, the worker will be entitled to receive accident or sickness benefits. Now, for permanent cases, disability retirement is granted.

For cases of illness, it is necessary for the professional to contribute for at least 12 months. Now, when it comes to accidents, there is no grace period, but you must be registered with Social Security.

In addition, if the worker recovers and is assessed as able to work again, his benefit may be cut.

How to Calculate Retirement Time

First, it is important to remember that for a worker to be able to receive the full amount of his retirement it is necessary that he has contributed for at least 40 years with the EHIC.

O calculation to be done after labor reform it will vary according to the type of retirement (time or contribution) and will no longer use the social security factor – a measure that reduces the amount of retirement for those who retire early.

Thus, after 15 years of contribution, the professional will be entitled to 60% of the value of his retirement. Now, to get the full amount, it is necessary to contribute 40 years.

Understand, how the values ​​will be:

  • 15 years of contribution: 60%
  • 20 years of contribution: 65%
  • 30-year contribution: 77.5%

So on, until the time reaches the deadline for 40 years and the value is 100%. However, regardless of the case in which it fits, the professional will be entitled to receive at least one minimum wage.

Active Retirees

Those retirees who continue to work will also be able to maintain their labor rights, however they must continue contributing to Social Security.

For these situations, in which the professional is still in the market, it will not be possible to accumulate a new retirement later.

In addition, in cases of becoming disabled for his current job, he will not be entitled to receive sickness and accident benefits or a second disability pension.

Now that you know what it takes to retire, still have any questions on the subject? Comment on this post and we will reply as soon as possible! If you prefer, you can also contact us =)

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