Table 1.

Summary of the 2000 and 2003 pension reforms

Changes	2000 pension reform	2003 pension reform
early retirement age	Step-wise increase in eligibility age for early retirement pension from 55 to 56.5 for women and from 60 to 61.5 for men; exempted if long work history.	Step-wise increase in eligibility age for early retirement pension from 55 to 56.5 for women and from 61.5 to 65 for men; exempted if long work history; corridor pension allows for claiming benefits at 62.
other changes	Increased penalties for claiming benefits prior to the NRA from 2 to 3 percent per year (capped at 10.5 percent).	Reduction in the percentage of assessment basis that is replaced by 1 insurance year from 2 to 1.78 percent; increase in penalty for claiming benefits prior to the NRA.
	Temporary extension of UI benefits from 1 to 1.5 years for certain birth cohorts if 15 employment years in past 25 years.	Increase in the assessment basis from best 15 to best 40 earnings years; phased in 2004-2028.

Source: Austrian federal laws (Bundesgesetzblätter) no. 92/2000, 71/2003.