Starting 1 January 2023, a new formula will be applied for reviewing old-age pensions for contribution periods made after the pension for age limit was set. Today, the Cabinet of Ministers approved, by Government decision, the amendment to the Regulation on the method of calculating pensions and the method of confirming the contribution period for determining pensions.

The new formula involves adding the amount of the calculated pension to the amount of the pension for the contribution period after the establishment of the old-age pension, which will ensure an increase in the amount of the pension after the review.

Also, according to the draft, from 1 January 2023, the National Social Insurance House will review the old-age and disability pensions established or reviewed in the period from 1 January 2017 to 31 December 2021, in the calculation of which the period of care of a severely disabled child under the age of 18 or of a severely disabled person was included in the contribution period, using as the basis for calculating the pension for that period the average monthly wage in the country and not the minimum monthly wage, as it was previously.

The changes were made to bring Government Decision No 165/2017 into line with the adjustments made in the Law on the Public Pension System.