Who is entitled to old age pension out of the Social Insurance Fund?
Old age pension is payable to an insured person who completes the pensionable age, which is the age of 65 (age of 63 for miners), and satisfies the relevant contribution conditions which are the following:
a) the insured person must have been insured for at least 780 weeks up to the pensionable age, have paid basic insurance up to the pensionable age equal to at least 780 times the weekly amount of Basic Insurable Earnings and,
b) the number of insurance points of paid and assimilated basic insurance for the period between 5 October 1964 (or, if he/she reached the age of 16 after 5 October 1964, the first day of the year in which he reached that age), or since 7 January 1957 where it is most profitable for the beneficiary, and the week before the week which includes the day of entitlement, is equal to at least 30% of the years included in that period.
An insured person, however, is entitled to old age pension at the age of 63 if he satisfies the first contribution condition, mentioned above, and has a weekly average of insurable earnings equal to 70% of the weekly amount of basic insurable earnings.