Extension of the current pension age compensation mechanism– project OG

According to a draft ordinance discussed this week in the Government meeting, it will be possible to complete the state pension contribution period until 31 December 2024.

According to OUG 163/2020, the document that introduced this mechanism, “persons who are not pensioners may pay social insurance contributions for periods of up to 6 years prior to the month of the conclusion of the insurance contract, in which the person has not completed a contribution period or a period assimilated to a contribution period in the public pension system or in a social insurance system not integrated into it, in the country, in the Member States of the European Union or in other countries with which Romania applies international legal instruments in the field of social security”.

As a reminder, the current rules for retroactive pension payments only apply until 1 September 2023, and thereafter the mechanism should have been made available by the new pension law (Law 127/2019), but this has been postponed again.

Therefore, the Government is going to extend the term of the current pension buy-back mechanism.

Thus, according to the draft OUG discussed this week by the Government, the completion of the contribution period for the age limit pension will be possible until 31 December 2024.

The mechanism for extending the period of contribution to the state pension is useful for those who have not yet retired and only for completing the period for the age limit pension.