How much is the Austrian pension?

The pension benefit currently accrues at 1.78%. For those born before 1955 the earnings measure is currently the best 30 years’ of revalued earnings. The averaging period is being extended and it will reach 40 years in 2028. For those born in 1955 and after the contribution base are the lifetime earnings.

What is pension age in Austria?

The pension age in Austria Currently, the retirement age in Austria is 65 years for men and 60 years for women. In essence, early retirement is possible for people who have accrued enough contributory years. To qualify for a pension, the minimum number of contributory years is 15.

How long do you have to work in Austria to get pension?

180
In order to receive an Austrian state pension, you need at least 180 covered months. The retirement age for men is 65, for women it is 60 Jahren. You must apply for your pension.

How does the Austrian pension system work?

The Austrian pension system is basically a pay-as-you-go scheme with 10.25 percent of an employee’s gross salary paid towards pension contributions. Employers then contribute a further 12.55 percent towards an employee’s pension.

How old do you have to be to get a pension in Austria?

In order to receive an Austrian state pension, you need at least 180 covered months. The retirement age for men is 65, for women it is 60 Jahren. You must apply for your pension.

When did the Austrian pension system come into effect?

Austria introduced their uniform pension system through The Act on the Harmonisation of Austrian Pension Systems on January 1, 2005. This act provides a pension for anyone employed and under the age of 50. This uniform pension system is the reason why private and occupational pensions are second to the state pension.

Is the Austrian Pension taxed in the US?

Due to the double taxation treaty between Austria and the United States, the pension is exempt from U.S. (federal) income tax.

Can a pension be transferred to an Austrian bank account?

Austrian pensions (retirement benefits) paid by the Austrian Pension Fund can also be transferred directly to the foreign bank account of the individual receiving the pension. An application is required. Austrian pensions are subject to Austrian income tax.