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Cabinet passed Draft Law amending Law on Pension a...
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Cabinet passed Draft Law amending Law on Pension and Disability Insurance: Significantly better conditions for retirement, more favorable harmonisation of pensions
Published on: Jul 16, 2020 • 9:40 PM Author: PR Service
Podgorica, Montenegro (16 July 2020) -- The Cabinet passed the Draft Law amending the Law on Pension and Disability Insurance, which significantly improves the conditions for retirement and harmonisation of pensions, and increases the minimum pension.
The amended Law improves the conditions for retirement, because one quarter of the period of service that was the most unfavorable for future retirees, is excluded from the accounting period.
All insured persons who have exercised their right to a pension, for the first time since 1 January 2020, will be entitled to these benefits.
In addition to the benefits related to the amount of calculated pensions, the Montenegrin Cabinet has put in place, with proposed amendments, a new way of future adjustment of pensions, which is significantly more favorable for pensioners than the existing solution.
Instead of the current harmonization with 75 percent of consumer price movements and 25 percent of wage movements, harmonisation according to the "rotating formula" is introduced with 75 percent of the parameter that is higher and 25 percent of the parameter that is smaller.
In the future, the listed benefits will lead to a faster growth of the income of all pensioners, which is the result of the Government's permanent commitment to continuously improve the standard of the oldest and most deserving population.
The Draft Law was passed following yesterday's closing meeting of Prime Minister Duško Marković with the social partners.
PUBLIC RELATIONS SERVICE OF THE GOVERNMENT OF MONTENEGRO
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