Terms and Conditions for Receiving Severance Pay After 15 Years and 3,600 Days of Paid Premiums

If an insured employee in a workplace:

• Has had the insurance payment period begin before 08/09/1999, the initial insurance payment must have been made before this date.
• Has worked a total of 15 years and 3,600 days of paid premiums, albeit at the same or at different establishments. 
• Has earned the right to Severance Pay (must have worked with the same place of employment for over one year).

May receive the severance pay they deserve from the previous place of employment (not 15 years’ severance pay).

However, if an employee’s insurance has commenced between the dates 08.09.1999 and 30.04.2008 for the first time, that employee is not bound by the above requirements, instead: Men must be over 60 years old and women must be over 58 years old, who have since earned the right for retirement, who have worked insured for 25 years and during this period with at least 4,500 days of paid premiums. Having fulfilled the said age requirements, they shall be entitled to severance pay upon resignation.

Employees, who started working under insurance after the date of 01.05.2008 (and must have completed 25 years of insured work and 5,400 days of paid premiums), will be able to qualify for severance pay upon resignation, having met the age requirements.