Law no. 360/2023 regarding the public pension system law

In the Official Gazette no. 1089 the new law regarding public pension system was published. The law shall be aplicable starting September 1, 2024, with certain exceptions, which will apply from January 1, 2024.

Among the new provisions of the law we mention:

• starting from January 2024, an individual can choose annually, with the employer’s consent, between receiving a pension for the age limit and continuing activity until they reach the age of 70;
• the method of computing the pension will change starting from September 2024;
• pensions established according to previous legislation will be recalculated ex officio according to the new provisions, within 6 months from the date the new law comes into force;
• the standard retirement age for both men and women shall be 65 years old;
• women with a full contribution stage and who have raised children until the age of 16 can benefit from a reduction in the retirement age, ranging from 6 months for women with one child, to three and a half years for those who have given birth and raised at least seven children;
• people who have five years of seniority in the full contribution stage can retire up to five years before they reach the standard retirement age.

For more details, please consult the Official Gazette.

The EY team is available for further details on the above.