In most cases, meeting retirement requirements doesn’t mean you start collecting your Social Security check. After reaching the chronological age and the required contribution quota, a non-marginal portion of future retirees will actually have to wait to return to rolling windows, a mechanism introduced by the legislature that could further delay the actual exit from work. . Let’s say it’s a way to extend the period even further and keep social security expenses under control. “Exit windows” can have a variable duration and are not intended for all social security benefits. In the case of quota 103 (age 62 and 41 years of contributions), they are already covered by the legislation in force in 2023, but for those who meet the requirements in 2024, the waiting period may be even longer.
Quota 103 and the “exit windows” scam
In the draft budget bill currently being considered by Parliament, the government has actually envisaged extending the period between the date the requirements are met and the time the person actually retires. In fact, “exit windows” range from three to seven months for the private sector and six to nine months for public employees. In short, if a private sector employee applies for retirement at age 62, they won’t actually receive the check for seven months, while a government employee will have to wait nine months. It is an innovation that the unions fighting over these and other points of the reform have not been able to digest sufficiently. So much so that, according to Uil, we can now legitimately speak of “Quota 103 and ¾”.
Other news regarding 2024 Quota 103
In addition to the rearrangement of the “moving windows”, this maneuver introduces two other significant changes to Kota 103. Firstly, in the pre-retirement years and therefore until the age of 67, when the old-age pension is stipulated, the allowance cannot be more than four times the INPS minimum payment (i.e. approximately 2,270 euros). It is worth noting that the maximum limit of the allowance still exists today, but is equal to five times the minimum payment (2,839 euros). Therefore, it is a higher threshold than the threshold that should be valid from 2024. The latest change is that the pension amount for years worked up to 31 December 1995 is now calculated on the basis of contributions paid, rather than using the (more generous) salary method. . According to Uil, the recalculation will cut pension benefits by “up to 30%”, while CGIL described the rule as “strongly punitive” for pensioners.
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Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
