Reference age

The old-age pension is the most important OASI benefit. People who have reached the normal retirement age are entitled to an old-age pension. From January 1, 2024, the reference age for women and men will be 65, with no change for women born in 1960. For women born in 1961 or later, the reference age will gradually increase from 64 to 65, by three months per year. In addition, people must have paid contributions to the OASI for at least one year. The old-age pension is calculated according to actuarial principles. The amount of the old-age pension depends on the contributions paid. Entitlement to an old-age pension begins on the first day of the month following that in which the normal reference age is reached. It does not expire until the end of the month in which the person entitled to a pension dies.