Citizens of BiH to be able to retire with 15 Years of Work Experience?

April 27, 2017 6:30 PM

Retirees Assistance kaportal.baThe House of Representatives of the Parliament of FBiH with 53 votes “for”, one abstained and 20 against adopted the proposed Law on Pension and Disability Insurance (PIO), which will take effect on July 1, if it gets the support of the House of Peoples as well.

“With the implementation of the new law, all existing rights of PIO (age, disability and family pension, the rights of insured persons with changed working ability and the right on the basis of physical disability) will be retained. There was no increase in the required number of years or pensionable experience. The possibility of achieving pension with 65 years of age and 15 years of experience was introduced, and the possibility of early retirement for women and men with slightly raising conditions and fair deductions was maintained,” said Deputy of Minister of Labor and Social Affairs of FBiH Vesko Drljaca after the adoption of the law.

“The new law provides a mechanism for protection of the most vulnerable groups through the so-called the lowest pension and in the current amount (326 BAM), which will be complied with the increase in the cost of living. The lowest pension would belong to everyone who is eligible for retirement,” said Drljaca.

He also stated that they are introducing treasury operations of the insurance carrier and that all revenues from contributions for PIO will be going to one “budget bill” from which the payment of pensions would be carried out.

It was stipulated that expansion includes the basis for determining the amount of pension. All compensation achieved on the basis of work in a company or organization, in the managing authority or supervision, on the basis of a contract of work, copyright or another kind of contracts for which was paid contributions to the PIO, will enter the pension basis.

“The legal basis for the introduction of appropriate rates of contribution for the so-called beneficial work experience or experience with increased rate was created,” said Drljaca.




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