scheme for a minimum period of time. As a rule, the old-age pension is payable at the age of 65, but under certain conditions it can be drawn at 63 or 60 (whereby in the future the amount of the pension will be reduced to offset the retiree’s earlier - and hence longer - receipt of benefits). Under certain circumstances women can claim a pension when they are 60 years old.

The size of the pension depends primarily on the amount of insured income from employment. The 1992 pension reform gave older employees greater flexibility in the transition from working life to retirement. They can now opt for a part-pension, part-work arrangement.For many employees, the statutory pension is their only income during retirement. It must therefore continue to maintain the standard of living they enjoyed during the many years when they were paying insurance contributions.