To enable workers between 60 and 67 years of age to receive voluntary early retirement pay and to make it easier for younger workers to obtain employment.
- Consolidation Act no. 855 of 17 September 1996. 3.7.1.3. Contents
The voluntary early retirement pay scheme may be joined from the age of 60 by older members of an unemployment insurance fund who withdraw from the labour market before the normal pensionable age (67 years), whether they have been in employment or unemployed prior to joining the scheme.
3.7.1.4. Financial resources
The expenditure on VERPS is covered by the state, but members of unemployment insurance funds must pay a contribu-tion to the state. On an annual basis this corresponds to about 4 times the amount of daily cash benefits as per 1 July of the preceding year. The employers must pay a contribution which corresponds to a per mille rate of the VAT basis to be fixed once a year by statute.
3.7.1.5. Institutional support
The voluntary early retirement pay scheme is administered by the unemployment insurance funds.
3.7.1.6. Duration
Voluntary early retirement pay may be received from the age of 60 until the person concerned reaches the age of 67 (the normal pensionable age).
3.7.1.7. Effects
The scheme took effect on 1 January 1979. By the end of 1996 about 123,735 persons were receiving voluntary early retirement pay.
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