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STRUCTURE : PILLAR I Mandatory Pension and Disability insurance – PAYGO System

STRUCTURE : PILLAR I Mandatory Pension and Disability insurance – PAYGO System Pension and Disability Insurance Law PILLAR III Voluntary pension insurance Voluntary Pension Funds and Plans Law * it is estimated that conditions are not in place for introduction of pillar II. I PILLAR

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STRUCTURE : PILLAR I Mandatory Pension and Disability insurance – PAYGO System

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  1. STRUCTURE: PILLAR I Mandatory Pension and Disability insurance – PAYGO System Pension and Disability Insurance Law PILLAR III Voluntary pension insurance Voluntary Pension Funds and Plans Law *it is estimated that conditions are not in place forintroduction of pillar II

  2. I PILLAR MANDATORY PDI – PAYGO SYSTEM • CONTRUBUTORS: • Employees; • Self-employed; • Farmers; • RIGHTS: • Old age pension • Disability pension • Survivors pension • Funeral compensation • Corporal impairment cash • benefit • Compensation for health and • care by another person

  3. PDI RIGHTS Old age pension • OLD AGE PENSION CRITERIA: • 65years of age (M),60(F) and minimum 15 years of insurance span • 40of insurance span (М),38 (F) and minimum age of58 • Minimum 45years of insurance span regardless of age

  4. REFORM MEASURES Gradual increase of CONDITIONS for entitlementto OLD AGE PENSION Law Amendments from 2011 Current conditions in 2013: • F53 y. and 4 m. of ageand 35 y. and 4 m.of insurance span • M54 y. of ageand 40 y. of insurance span Note: The applicable conditions for entitlement to old age pension in 2011 were 53 years of age life and 40 years of insurance span for men, and 53 years of age and 35 years of insurance span for women, but pursuant to reform of the pension system for men years of age increases for 4 months from 2011 to 2019, and for 6 months from 2020 to 2023 for women years of age increases for 4 months from 2013 to 2015 and for 6 months from 2016 to 2023

  5. EXTENDED DURATION OF INSURANCE SPANBENEFIT FOR CERTAIN OCCUPATIONS • Workplace in which the insurance span is counted for EXTENDED duration is the job at which work is particularly difficult, dangerous and harmful to health; • also job posts on which the performance of professional services is limited when certain age has been reached, or because of the nature and difficulty of the job and decline of physiological function that prevents successful performing of the job

  6. PENSION SERVICEFAVOURABILITY OF CERTAIN CATEGORIES OF INSURED • Pension Law provides for extended insurance span (every 12 months are taken as 14, 15, 16 or 18months of insurance span) depending upon strenuousness of job tasks

  7. Age condition for retirement for this group of contributors increases gradually by four months from 53 to 55 years of age in period from 2011 until the 2015; • Retention of the advantage that the age limit can be lowered up to 50 years for insured persons who work in the toughest job posts (12-18) (miners, ballerinas, etc.).

  8. CERTAIN CATEGORIES OF INSURED Certain categories of insured are: • Police officers - uniformed authorized officials and police officers who work on particularly complex, specific and operational activities; • Employees in the Ministry of Foreign Affairs working in jobs which shall be calculated for extended duration, BIA members, members of the Military Security Agency and Military Intelligence Agency; • Staff of the Directorate for Execution of Sanctions who work in jobs which insurance span shall be calculated for extended duration; • Authorized officers of the Tax Police; • Professional officers and other police officers.

  9. PDI RIGHTSDisability pension • Contributor is entitled to disabilitypensionin case • ofTOTAL LOSS OF WORKINGABILITY • If disability is due to: • Occupational injury and disease - no requirements regarding previous insurance span; • Injury or disease unrelated to work –disability occurred prior to age eligibility for old age pension plus completed 5 years of insurance span

  10. DISABILITY PENSION CONDITIONS FOR PEOPLE WHO BECAME DISABLED BEFORE AGE 30 • for individuals aged 20, at least one year of pensionable service is required; • for individuals aged 25, at least two years of pensionable service are required; • for individuals aged 30, at least three years of pensionable service are required.

  11. PDI RIGHTSSurvivors pension • Eligible family members of: • Deceased contributor who completed minimum5 years* of insurance span, or fulfilled conditions for disability pension; • Deceased beneficiary of old age or disability pension; *If death occurred due to occupational injury or disease, insurance span is not taken into account;

  12. Survivors pension criteria Children: • Up to 15 years of age • High school students up to age of 20 • Studentsup to age of 26 • Without working capacity and supported by the deceased • contributor -entitled to permanent survivor pension • Widow/widower are entitled if prior to death of spouse: • she completed53 years of age / he 58 years of age; • s/he is deprived from the capacity for work within 1 year • from death of spouse • if they have parental duties towards children who are eligiblethe survivor's pension if they become unable to workacquire a permanent right • widow who has not reached 53 before the death of a spouse, but isattained the age of 45, is entitled the right upon reaching 53 years of age

  13. PDI RIGHTS Cash benefit for corporal impairment due to occupational injury or disease Contributor shall become entitled to cash benefit when corporal impairment caused by an accident at work or an occupational disease is at least 30%. Body damage is classified into 8 degrees. Cash compensation is the regular monthly amount.

  14. PDI RIGHTS FUNERAL COMPENSATION Funeral compensation is granted to the person who covered funeral expenses of a deceased retiree.

  15. PDI RIGHTS COMPENSATION FOR HEALTH AND CARE BY ANOTHER PERSON • Exists for contributors and beneficiaries of pension, which is due to the nature and severity of injury or illness, identified need for help and care to perform actions in order to satisfy basic needs. • Such persons are: • persons who are stationary, or that because of the severity and nature of permanent sickness and diseased state is not able to move independently or within the apartment with the use of appropriate means, or to feed himself, undressing, dressing and maintain basic personal hygiene • a blind person who has lost the sense of light with accurate projection and a person who achieves vision corrected to 0.05

  16. SOCIAL SECURITY SYSTEM UNEMPLOYMENT INSURANCE • Law on Employment and Unemployment Insurance • National Employment Service • The unemployed can be entitled to benefit under 7 basis • It can be paid 3, 6, 9, 12 and 24 months

  17. SOCIAL SECURITY SYSTEM CHILD SUPPORT • Act on financial field support for families with children • Condititons • In November 2013, regular – 2.568,07, increased – 3.338,46 RSD

  18. SOCIAL SECURITY SYSTEM PARENTAL ALLOWANCE • Measure of population policy • It belongs to mother • Benefit is connected to first, second, third and fourth child • Conditions

  19. INDEXATION • REGULARindexation – • 2 times a year: April 1 and October 1 • Parameter: cost of living in the previous six months Exceptionally from the above, in accordance with the real possibilities of Republic of Serbia budget: - in April 2014. 0,5 % increase; - in October 2014. 1 %; - inApril 2015. 0,5 %; - in October 2015. 0,5 %; - in April 2016. 0,5 %; - in October 2016. 0,5 %;

  20. AMOUNT OF AVERAGE PENSION Share of average pension in net wage

  21. MINIMUM PENSION Protective measure of pensioners standard The minimum amount of pension in insurance of employees and self-employed insurance : these pension amounts are adjusted from the 1st January of 2011, for percentage of their participation that ensures that the lowest amount of pension for January 2011 in average earnings without taxes and contributions of employees in the Republic of Serbia in 2010 is higher by one percentage point compared to the lowest share of the pension paid in 2010. in average earnings without taxes and contributions of employees in the Republic of Serbia in 2010. Such adjusted amount shall be adjusted further in accordance with law.The lowest amount of old age or disability pension for insured farmers shall be in the amount of 9,000 RSD from 1st January 2011. This established minimum pension amount is adjusted further in accordance with law. Minimum pension in November 2013 13.222RSD

  22. The minimum amount of pension for insured farmers: MINIMUM PENSION IN NOVEMBER 2013 - 10.395RSD

  23. TYPE OF CONTRIBUTION IN TERMS OF REGULATIONS ON MANDATORY SOCIAL INSURANCE 1) For pension and disability insurance: • contributions for mandatory pension and disability insurance; • additional contribution for the insurance span of extended duration in accordance with the law; • contribution in case of disability and physical impairment from occupational injuries and diseases in the cases determined by law;; 2) For health insurance: • contributions for mandatory health insurance; • contribution to employment injury and occupational diseases in the cases determined by law; 3) Insurance in the case of unemployment - contributions for mandatory insurance in the case of unemployment . .

  24. CONTRIBUTION RATES FOR MANDATORY PENSION AND DISABILITY INSURANCE • In accordance with the Law on Mandatory Social Insurance Contributions, when contributions are paid at the same time from the base and of the base, the rate at which it is calculated and paid contributions for mandatory pension and disability insurance costs 13% from the base, i.e. on the employee and 11% of the base, i.e., the employer, and 24% in aggregate.

  25. MANDATORY PDI - ORGANIZATION Mandatory Pension and Disability Insuranceis provided and administered by The Republic Pension and Disability Insurance Fund The Fund is an legal entity having status of organization for mandatory social insurance where PDI rights are exercised and resources for PDI are provided

  26. III PILLAR VOLUNTARY PENSION FUNDS AND PLANS III PILLAR GOAL Pension investment funds of members of voluntary pension funds in order to gain additional income in old age. BASIC PRINCIPLES: voluntary membership, fund accumulation, investment risk distribution, equality of membership and transparency

  27. III PILLAR VOLUNTARY PENSION FUNDS AND PLANS • Established in2006 • End of 2013 – 4 Funds, 180,669insured –31%active contributors • Tax free contribution– 5,214RSD • Minimum age for drawing pension– 58years

  28. Contributors / Pensioners Ratio .

  29. Beneficiaries - structure .

  30. SOCIAL SECURITY AGREEMENTS The Republic of Serbia has signed social security agreements with 27 countries.In Serbia, social security includes pension and disability insurance, health insurance and unemployment insurance, occupational injury and disease, and in a broader sense, the right to child support, i.e. all branches of social security covered by the essential requirements of the European Community.Most of these agreements were entered into at the time of the existence of Yugoslavia and the Republic of Serbia as the successor applies them in relation to international agreements. Certain agreements (older conventions concluded by the former Yugoslavia) are based on the principle of citizenship, i.e. apply to nationals of Contracting States and their family members.Other agreements are based on the principle of insurance, and shall apply to all persons who are or have been covered by the legislation of the Contracting States, as well as family members of such persons.

  31. SOCIAL SECURITY AGREEMENTS Basic principles These agreements are covered by the basic European principles and policies, such as: • Lex loci laboris • The principle of aggregation of insurance periods for eligibility for Social Security • Equal treatment of nationals of the Contracting States • Equality of the territories of Contracting States

  32. Payment of pensions and cash benefits Beneficiaries of Pensionoutside the territory of the Republic of Serbia Pensions and compensation paid to beneficiaries resident or domiciled outside the territory of the Republic of Serbia: • Under the conditions provided in international agreements on social insurance, or if it is not closed, • On a reciprocity

  33. SOCIAL SECURITY AGREEMENTS States with which the Republic of Serbia signed the Agreement on Social Security are: - Republic of Austria - Kingdom of Belgium - Republic of Bulgaria - Czech Republik - Slovak Republic - Kingdom of Denmark - French Republic - Republic of Italy - Kingdom of the Netherlands - Hungary - Kingdom of Norway- Republic of Poland - Federal Republic of Germany - Kingdom of Sweden - Swiss Confederation - Romania - Republic of Panama- Republic of Cyprus - Republic of Macedonia- Republic of Croatia - Republic of Montenegro - Republic of Slovenia - Republic of Bosnia and Herzegovina - Republic of Turkey - Grand Duchy of Luxembourg - United Kingdom of Great Brittany and Northern Ireland - Great Socialist People's Libyan Arab Jamahiriya

  34. FACTUAL RECIPROCITY IN PENSION PAYMENTS Countries with which we don’t have concluded agreements on social security so far, but is established de facto reciprocity in pension payments are: • Argentina • Australia • Brazil • Greece • Canada • Mexico • Russian Federation • USA • Chile

  35. THANK YOU FOR ATTENTION

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