Cash payment is the minimum pension received by the insured person upon retirement in the future. The cash payment is calculated to all insured persons under previous retirement systems at the rates applicable in such systems as of 31 December 2023 (the last date for the application of the previous retirement systems).Categories excluded from the new conditions for retirement because they have completed (20) years of active service before the issuance of the Social Protection Law and fulfilled other conditions for retirement provided for in the previous systems prior to 1 January 2024, are entitled to receive the cash payment upon retirement. It is to be noted that persons under this category who complete additional periods in the service, can accumulate pensions higher than the cash payment subject to the additional years of service and wages during those years. However, categories not excluded from the new conditions for retirement set forth in the Social Protection Law, are also entitled to cash payment provided that they must fulfill the new conditions for retirement provided for in the Social Protection Law. The cash payment applies to cases of disabilities or death.
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