During the coronavirus pandemic, many individuals have been laid off or furloughed, which has led to concerns about the preservation of pension fund benefits. In response to this, the Ministry of Finance has published a bill that extends the period of preservation of pension rights for individuals who have stopped making monthly contributions from 5 months to 12 months.
This extension was put in place to protect pension fund benefits for those who have been affected by the pandemic and ensure that they do not lose their hard-earned savings. Pension insurance not only provides for retirement benefits but also includes insurance in the event of disability and death. If there are no contributions to the pension fund for 12 months in a row, the insurance expires. To renew it, individuals must fill out health questionnaires and go through the underwriting procedure again.
The Ministry of Finance is taking proactive steps to ensure that individuals do not lose their pension fund benefits during these challenging times. It is important to note that individuals who have been laid off can maintain the continuity of their rights for a year by drawing up a temporary life insurance agreement or by making contributions to the pension fund on their own. The government is committed to supporting its citizens during these difficult times and ensuring that they are able to retire with financial security.