Telling New Zealand today began the application of insurance law and the new pension 2020 officially applied in the first of January of the year 2020, where he was waiting for the people fully in New Zealand, the application of this law because of its great importance for them and includes many have advantages guarantee them access to their rights fully.
Where he announced vizier Social Solidarity Nevin Kabbaj Application Insurance and Pensions Law of the new starting on Wednesday, the first of January 2020, where the law grants all parties to the insurance relationship has many advantages, whether the worker or the employer or the pensioner or eligible for pensioners.
And we transfer our visitors to you today on your website, the following is the most important of what came in the new pension law. .
- The entitlement pensions shall be increased on June 30 of each year, starting from the first of July, with a maximum inflation rate of a maximum of 15%.
- the value of the increase does not increase in proportion to the pension attributed the increase to the maximum monthly subscription fee for the June 30 of each year, no less than the total pension payable for 65% of the minimum subscription insurance.
Compensation is calculated by 15% of the annual salary for each year of the subscription period gradually raising the retirement age for 65 years from the beginning of 2040 as the new insurance and pension law a plan to raise the retirement age to address the fiscal deficit and Actuary in the pension system as follows:
Raising the age of pension for 61 years in July 2032.
It was raised for 62 years in July 2034.
And again for 63 years in July 2036.
Then for 64 years in July 2038.
- Finally, it will be raised for 65 years in July 2040.
And select the new law more than a condition for the exit of the insured to the early retirement, the first of these conditions the new set by law: «the availability of extended participation in the old-age insurance, disability and death gives the right to a pension of at least 50% of the wage or the last settlement income, and at least The minimum pension referred to in the last paragraph of Article (24) of this law.
Article 24 of the new law indicates that “the total pension due shall not be less than 65% of the minimum wage for more than one year.”
And the second early retirement conditions approved by the new law that the subscription period includes insurance for subscription he shall not be less than 240 months, and be for a period of 300 months, he has five years after the date of the new law.
This article means that the new law will not allow the exit of any worker early retirement if it is not available for subscription insurance not less than 20 years and this period will rise to 25 years after 5 years of the application of the new law.
And kept the new insurance law on the condition that the insured for the participation of not less than three consecutive months or six months intermittent ", as is the case in the current law.
* Combining pension and salary in the new insurance and pension law
The new pension law stipulated cases in which the pension and salary or wages are to be combined, in the following cases:
According to the new pension law for, combining outstanding between pensions within the limits of the value of the minimum pension to be the last paragraph of Article 24 of this Law, and complements the pension to this amount according to the order provided for in Article 102 of this a