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Forget about retirement age: new INSS rules bring more flexibility for those who have formal employment contracts

Written by Rafaela Fabris
Published 19/09/2024 às 16:59
Forget about retirement age: new INSS rules bring more flexibility for those who have formal employment contracts
See how it works (Image: Representation)

New option launched for those who have a formal employment contract; forget about retirement based on minimum age

If you thought retirement by minimum age was a complicated puzzle, prepare yourself for a big surprise! The new 2024 guidelines are here to simplify the lives of those who have worked for years on end. Finally, you can breathe a sigh of relief without having to do endless calculations to reach the minimum age. INSS is changing the game, and retirement has never been so accessible.

2024 changes: flexibility in minimum age retirement rules

In 2024 the The National Institute of Social Security (INSS) has implemented significant changes that directly alter the way workers can retire. These new rules bring more flexibility and do away with the requirement minimum age for those who have a formal employment contract. The main focus of these changes is to adjust the social security system to the new economic and social demands of the country, facilitating access to the benefit.

Retirement without a minimum age: what has changed?

Now, with the new rules, retirement based on minimum age has become simpler. For those who have worked with a formal contract, women can retire after 30 years of contributions, while men need 35 years of contributions, without needing to reach a specific minimum age.. This change offers more freedom in retirement planning, without the pressure of meeting an age requirement.

New calculation formula: bye-bye pension factor

In addition to eliminating the minimum age requirement, the dreaded Pension Factor was also left behind. Now, the 86/96 formula comes into play, which promises to be fairer for those who have worked with a formal contract. This formula takes into account the sum of the worker's age and contribution time. For women, the sum must be 86 points, while men must reach 96 points. This model seeks to balance service time with age, offering a fairer and more accessible retirement.

Points progression

The minimum retirement age, however, will continue to undergo adjustments in the coming years, in line with the life expectancy of the Brazilian population. By 2024, women need to reach 88 points and men 98. Starting in 2027, these scores will rise to 90 points for women and 100 for men. This progressive escalation is part of the plan to adapt the social security system to Brazil's new demographic realities.

What to expect from minimum retirement age going forward

With these changes, those who have worked with a formal employment contract can finally breathe a sigh of relief. The retirement process has become more flexible, fair and accessible. Now, retirement based on minimum age is no longer the big deal it once was. The INSS promises to continue adjusting the rules to ensure that the social security system meets the needs of the population in a balanced and efficient manner.

For workers, the message is clear: keep up with the changes and stay alert to the new formulas. After all, retirement at a minimum age is closer than ever for those who have dedicated years of formal work to the country.

With these new rules, do you think that retirement at a minimum age really makes life easier for those who have a formal job or are there still adjustments needed to ensure a fairer benefit?

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Rafaela Fabris

Talks about innovation, renewable energy, oil and gas. Updates daily on opportunities in the Brazilian job market.

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