The period of gifting 25 years of seniority to those who have pension capital in their account has been extended

The period of gifting 25 years of seniority to those who have pension capital in their account has been extended
From January 1 of this year, the period of gifting 25 years of seniority to those who have pension capital in their personal account has been extended for another three years.

According to Qazet.az reports, this is reflected in the law "On Labor Pensions".

The reduction of 1 year for each year of those 25 years of insurance experience, which is currently given as a gift, will be applied from 2026, not from 2023.

So, according to the change in the Law "On Labor Pensions" applied from the beginning of 2019, a person who has reached retirement age with any amount of pension capital in his personal account for the period from 01.01.2006 to 01.07.2018 will automatically receive 25 years of social insurance. (minimum seniority requirement is 25 years to get the right to pension) is given as a gift. As a result, he is entitled to a pension even if he has no seniority.

The 25-year insurance period given as a gift was supposed to be reduced by 1 year for each year from the beginning of 2023.

For example, a person with any amount of pension capital in his personal account for the period from 01.01.2006 to 01.07.2018 will no longer have 25 years in 2023, but 24 years, 23 years in 2024, and 22 years in 2025. and so on. seniority would be counted and the remainder of the required minimum 25 years of service would be required from the person who reached retirement age.

In the next three years, about 30,000 more people will be given the right to a pension as a result of 25 years of seniority, and the scope of pension provision will be expanded further.