An early retirement scheme allows you to manage the needs of an entire group as a whole, by means that make negotiations and deals with employees much easier to reach the best agreement.

You can access voluntary early retirement up to 24 months before the established legal retirement age. This means that a 63-year old worker can voluntary apply for early retirement if they have contributed to the Social Security institution for at least 37 years and 9 months.

Retirement means the worker has become unemployed. Early retirement means the worker starts receiving their retirement pension before the established age.

You will lose part of your pension. If you retire at 63, you’ll lose a proportional percentage of your pension. If you’ve contributed to the Social Security institution for 38 years and 6 months, your pension will be cut from 21% to 5.87%. If you’ve contributed to the Social Security institution between 38 years and 6 months and 41 years and 6 months: your pension will be cut from 19% to 5.60%.

All workers and professionals who can prove that they have contributed to the Social Security institution for at least 37 years and nine months can take early retirement. Although the established age of early retirement is 65, if these conditions are proved, you can retire as early as 61. For 2023, if you haven’t yet contributed for 37 years and nine months, then the earliest you can retire is when you turn 66 years and 4 months. The default retirement age will go increasing year over year until 2027 when it will be 67.