On January 1, 2021, the law on basic pension will come into force. It will be paid to persons insured in the pension insurance fund who have worked for at least 33 years, while earning much below average, as a result of which they must receive a small pension. It is important that social security contributions have been paid for at least 33 years.
The Federal Ministry of Labor estimates that around 1.3 million people will receive a basic pension. The supplement will average from 75 to 80 euros per month. In order to receive a basic pension, pensioners do not need to fill out any applications. The German Pension Insurance Fund will analyze all 26 million pensioners’ accounts in order to find out which of them is applying for the basic pension. However, this check will last until the end of 2022. After that, the money will be paid retroactively.
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