Pensionsversicherung#
Pension insurance in Austria is a branch of social insurance. It covers risks related to old age, reduced working capacity and death. In addition to pension payments, pension insurance also covers rehabilitation and health care. Under the Allgemeines Sozialversicherungsgesetz (General Social Insurance Act) for employees there are three different types of pension insurance, the pension insurance for blue-collar workers, the pension insurance for salaried employees and the miners' pension insurance. Self-employed persons are also covered by insurance schemes, which are set out in a series of pension systems: GSVG (social insurance for business people), FSVG (social insurance for free-lance self-employed persons), NVG (insurance for notaries) and BSVG (social insurance for farmers).
The insurance relationship is established ex lege or, in the case of
voluntary membership, by application for membership and/or
contribution payments. This insurance is financed from contribution
payments collected from the beneficiaries and employers and by a
further contribution on the part of the Government. In order to secure
long-term financing of this scheme a net adjustment scheme was
introduced in 1993. Under the scheme the index-linked pensions are
adjusted in line with the development of working incomes as far as
this is economically feasible; measures included restricted
qualification for early retirement pensions, new calculation of
working years and incentives for later retirement, gradual increase of
working years needed in order to qualify, inclusion of freelance and
self-employed persons into the mandatory insurance scheme and
accompanying measures on the job market in 1996 and 1997.
Old-age insurance covers old-age pensions, early retirement in the
case of reduced working capacity, early retirement pensions in the
case of unemployment, early retirement pensions in the case of
long-term insurance and part-time retirement pensions. In cases of
reduced working capacity the scheme covers disablement pensions,
occupational disability pension and in the case of death, survivors'
benefits.
Men can benefit from their old-age pension upon completion of the
65th year, women upon completion of the 60th year.
Retirement ages are to be harmonised gradually by 2033.
In 1997 3,038,070 insurance relationships existed in Austria
(2,603,181 employees and 434,889 self employed); this number showed an
increase of 10.1% as compared to 1987. The number of pensioners
increased by 1,894,025 (14.1.%) from 1987-1997 (1,549,731 employees
and 344,294 self employed recipients).
Civil servants in Austria are not included in the pension scheme as
their employment relationship is not terminated when they retire but
is merely changed.