OVERVIEW

Retirement represents a milestone in every person’s life, a point that marks the end of what is usually full-time employment on reaching the retirement age. Increasingly, retirement is far from a workers finale, and as the famous quote says, every new beginning starts from another beginning’s end. Given the significance of the retirement turning point, it is important that workers best prepare for their retirement by knowing and understanding their entitlements and work options if they want to keep working.

At present, pension entitlements for workers in private companies are regulated by Law No. 13 of 2003 on Labor (“Labor Law”) and Government Regulation No. 14 of 1993 on Management of Labor Social Security Program (“14/1993 Government Regulation”), as amended several times most recently by Government Regulation No. 84 of 2013 (“Ninth Amendment”).