2023-09-06 18:23:45
Old-age retirement is one of the benefits of the INSS (National Social Security Institute). Approved in 2019, the Pension Reform changed both the contribution time requirement and the minimum age – in this case, only for women.
In Brazil, the rule in force requires at least 65 years for men and 62 for women – before, the age was 60 years. And the contribution time to the INSS must be at least 20 years for men. Previously, the calculation was 15 years for both men and women.
“In addition, the Social Security Reform created transitional rules for policyholders who were already contributing to Social Security before. These rules allow policyholders to retire with a shorter contribution time than those required in the general rule, which is 15 years for both sexes,” explains André Beschizza, a lawyer specializing in INSS benefits.
How the benefit is calculated
The value of old-age retirement varies according to the rule to which the beneficiary is entitled. Old-age retirees before the Reform (up to 11/12/2019) receive 70% of the average of their top 80% earnings as of July 1994, plus 1% per full year of work.
As for those who fit the transition rule, they receive 60% of the average of all their salaries from July 1994 onwards, plus 2% per year over the age of 15 for women and 20 years for men. Those who started contributing following the Reform receive 60% of the average of all their salaries from 1994 onwards, plus 2% per year over the age of 15 for women and 20 years for men.
It is worth noting that those who have not contributed to Social Security throughout their lives cannot retire due to age. Old-age retirement is a social security benefit, warns Beschizza.
Alternative retirement model
Those who have not contributed to the INSS throughout their lives can use other retirement possibilities, such as the Continuous Cash Benefit (BPC). The BPC is an assistance benefit granted to the elderly aged 65 years or more and who proves the condition of poverty. To be entitled to BPC, the elderly need not have contributed to Social Security.
“Hybrid retirement is a benefit granted to the insured person who does not have the minimum contribution time required for retirement by age, but who has worked as a rural worker (boia-fria, farmer or fisherman) recorded in the CTPS and periods of formal activity contributed to the INSS”, concludes Beschizza.
To learn more, just go to: www.andrebeschizza.com.br e
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