According to the current social security law, the retirement age increases by 23 months per year to reach 67 years for both genders in 2056.

The changes currently being discussed under the new reform of social security aim to reach the 67-year-old criterion sooner than 2056, before 2040. This change means that each year the age criterion will increase by more than 23 months.

The Deputy Minister of Economy, Culture, and Innovation, Olta Manjani, provided on Wednesday details on the discussions that are being held for the reform of the pension scheme.

Manjani said that one of the proposals of the World Bank is related to the proposal to increase the retirement age, but that this proposal, according to her, has been opposed, since this element was exhausted in the 2014 reform.

According to Manjani, the acceleration of the implementation of the age increase scheme can be discussed, but not beyond 67 years. "The reform of the social security scheme is very important to take into account the factors affecting the scheme. One of the proposals of the World Bank is related to the proposal to increase the retirement age. We have opposed it, as this element has been taken into account in the 2014 reform, where the increase has started for women and will start for men in 2032. In 2056 there will be age equality, 67 years for each gender. The only thing that can change is the acceleration in the implementation of the scheme of increasing the retirement age, but not beyond 67 years old," declared Manjani.

Deputy Minister Manjani said that the increase in income is affected either by the increase in the number of contributors, but also due to the increase in salaries.

She also explained why the countries of the region have higher pensions. According to her, these countries had a different transition period from our country.

"Until 2014, we had a scheme with administrative ceilings for the minimum and maximum pension, damaging it as it did not link the amount of contributions against the scheme with the amount of benefit," said Manjani.

Further, she also focused on the effects of the 2014 reform. Manjani stated that economic growth, the development of the labor market, and the fight against informality have made it possible for the contribution income to increase over 2.5 times compared to 2013. So from Lek 51.3 billion which was the income in the social insurance scheme in 2013, to Lek 124 billion in 2023 and Lek 132 billion, which is expected to be by the end of 2024.

About GDP, Manjani said that contributory income has increased from 3.81% to 5.39%, or an increase of about 1.6 percentage points to GDP.