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For those who want to increase their pension, the fundamental factor is the level of earnings subject to premiums reported to the Social Security Institution (SGK) throughout their working life. For the period after 2000, the calculation takes into account the average earnings of the entire working life, not just the final years.
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Underreporting earnings on the payroll can directly and negatively affect the pension to be granted in the future. For this reason, employees tracking that their actual wages are reflected on the payroll is among the critical points in retirement planning.
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Another factor affecting the pension is the pension accrual rate. An increase in the number of days for which premiums are paid and working for a longer period with higher earnings can contribute to an increase in the pension.
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Those living abroad need to evaluate the options of voluntary insurance and international service borrowing along with their conditions. Especially in retirement through service borrowing, limitations regarding the situation of continuing to work must be taken into account.
News Source : 12punto
