Old ageinsurance.The salaried employeesÕ pensioninsurance is administeredby the Federal InsuranceInstitute for Salaried Employees(Pensionsversicherungsanstalt fuerAngestellte = PVA in Vienna).Every employee pays old ageinsurance which is deducted fromtheir monthly salary. The employer hasto pay the same amount. Statutorycontributions are taken from the grosssalary.Generally, after 15 years ofcontribution to the scheme and afterreaching the Austrian retirement age(currently 60 for women and 65 formen) the entitlement can be claimedwhen still resident in Austria.Within the EU the Austrian statepension entitlement can easily betransferred to other national systems.This also works for some nonEU countries, specific details areavailable at VIS. In addition, theschool pays 5% of gross earnings into atop up pension fund.SOCIAL SECURITYUnder the Austrian Social SecurityLaw (Sozialversicherungsgesetz), theteacher is obligated to contributeto the Austrian Social Security andPension schemes.The employeeÕs contributions coveringthe cost of care insurance, old agepension insurance and unemploymentinsurance amounts to approximately18.12% of the gross salary.The School is responsible for renderingthese payments and the employeeÕsshare will be deducted from his/herdue gross monthly salary.
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