By 2018-10-12 InPortugal

Pensions breakthrough: early retirement to come at 63 with full benefits

It’s one of the major ‘good news’ stories coming out of the debate over next year’s State Budget – a document that has been criticised for keeping one eye on upcoming legislative elections.

Anyone who at 63 has been working and make Social Security contributions for at least 40 years, will be entitled to take early retirement with full pension benefits.

Up till now, early retirees found monthly payments docked by 14.5%.

The information, revealed today in popular tabloid Correio da Manhã, is attributed as coming from a source for the PCP communist party – one of the many left wing allies that wrestled this Socialist government into power three years ago – and being confirmed by Bloco de Esquerda MP Mariana Mortágua.

Mortágua suggests there will also be provision to ‘compensate’ all pensioners who retired over the past few years without full benefits.

The new regime should kick in next year, possibly as early as January.

Elsewhere, Secretary of State for Finances Mourinho Félix has revealed that the country will soon return to repaying bailout debts to the IMF ahead of time, which, he explained, should encourage ratings agencies to upgrade Portugal’s debt status to the long-worked-towards ‘investment grade’.

And for parents strapped every year to find the money to purchase their children’s school manuals, there is even the promise that these will start being free up to the 12th year (the last obligatory year of schooling).

The PCP’s João Oliveira told CM: “We are still discussing how the measure will operate but the commitment is assured”.

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