Retirement Age

Normal retirement age is 65 for men and women after working 45 years. In addition to the professional activity, the career can be made up of periods such as military service, training, etc. The possibility to retire at 60 is possible, if you have worked for at least 35 years. For each anticipated year, the pension is lower by 5 percent.

The full state retirement pension is 70 percent of average final covered earnings up to the contribution ceiling, plus 1 percent for each year of contributions up to a maximum of 100 percent. All employees are covered for medical care. Typical benefits include a defined contribution pension plan to provide a pension from age 60, a lump sum death and disability benefit of 24 to 36 months earnings, private medical insurance (usually paid for by the employer) and dental insurance (usually paid for by employees).

Taxes

Employer contributions to private pension plans are tax deductible up to 20 percent of payroll. Employee contributions to state and private plans are tax deductible up to 12 percent of income. Retirement pensions are taxed as income, on a progressive or regressive basis as selected by the employee. Severance payments are tax free.