Employee pension fund
The employee pension fund is a new severance payment model for all employees working in Austria who have been or have been employed since January 1, 2003, and is regulated in the Company Employee and Self-Employed Pension Act. The old severance pay law continues to apply to employment relationships that began before this point in time. Workers can switch from the old to the new system, although in most cases the old system seems cheaper. In Germany, the term “ severance payment” is used instead of “ severance pay” .
Company employee and self-employed pensions
The associated company employee pension law (BMVG) came into force on July 1, 2002. Fundamental here is the outsourcing of the employer's previous severance payment obligation to legally independent employee pension funds. For this purpose, various banks, insurance companies and companies such as Siemens Austria set up their own pension funds. As of January 1, 2008, the self-employed and self-employed were also covered by this law and renamed the "Company Employee and Self-Employed Pension Act" (BMSVG). As of January 2017, there are eight such company pension funds in Austria, from which the employer or the self-employed can choose. The selection and the contract with the company pension fund is the responsibility of the employer in agreement with the works council or the employees or the self-employed.
In the first month of employment, no payment is made by the employer; the employer is obliged to pay contributions from the beginning of the second month. The contribution amount for each employee from the employer is 1.53% of his gross remuneration (wage or salary) or 1.53% of the assessment basis for health insurance for the self-employed . The company pension fund guarantees the maintenance of the gross contributions paid and invests this capital . Depending on the selection of one of the different funds, the performance (different distributions) can therefore vary (e.g. −0.2% to 1.73% net return up to January 1, 2008).
The benefit from the company pension fund is due if the employee leaves the company and fulfills two conditions: They must have three years of contributions to the company pension fund and the employment relationship must end by mutual agreement or by termination by the employer. The self-employed person is entitled to payment if they have made three contribution years two years after the end of self-employment. In any case, there is an entitlement to payment upon retirement, in the event of death and if there have been five non-contributory years.
The employees and self-employed are informed in writing once a year about the development of the account balance and automatically receive an information letter from every responsible company pension fund in the event of a payment claim.
Overview of all cash registers
According to the Austrian Chamber of Commerce, there are currently eight company pension funds:
| Surname | Cash code | Website | Online service portal |
|---|---|---|---|
| Allianz Vorsorgekasse AG | 71500 | allianzvk.at | vk-service.at |
| APK Vorsorgekasse AG | 71100 | apk-vk.at | kontostand.at |
| BONUS Vorsorgekasse AG | 71200 | bonusvorsorge.at/ | vk-portal.bonusvorsorge.at |
| BUAK Company Pension Fund GesmbH | 71900 | buak-bvk.at | portal.buak.at |
| fair-finance Vorsorgekasse AG | 71150 | fair-finance.at | www.online-fair-finance.at |
| Niederösterreichische Vorsorgekasse AG | 71700 | noevk.at | onlinekonto.noevk.at |
| Valida Plus AG | 71300 | valida.at | vk-service.at |
| VBV - Vorsorgekasse AG | 71600 | vorsorgekasse.at | online.vorsorgekasse.at |
Former pension funds
- The Siemens AG employee pension fund was the end of 2012 to the Valida Holding AG sold.
- The Shell Pension Fund Austria AG has its operations in early 2013 to the Valida Holding AG passed and was dissolved.
- The VICTORIA-VOLKSBANKEN Vorsorgekasse AG was the 2015 pension fund AG Bonus sold.
Web links
- Information on severance pay NEW for employees and freelancers at help.gv.at
- List of company pension funds on wko.at
- Comparison of pension funds provided by the union for private employees (as of April 24, 2018)
Individual evidence
- ↑ Federal Law Gazette I No. 100/2002
- ↑ Federal Law Gazette I No. 102/2007
- ↑ 2008-09 - Mag. Johannes Meller tax advisor and accountant. In: www.meller.biz. Retrieved December 30, 2016 .
- ↑ List of company pension funds. Austrian Chamber of Commerce , accessed on September 3, 2018 .
- ↑ a b Siemens sells pension fund. trend , July 23, 2012, accessed September 3, 2018 .
- ↑ BONUS Group takes over VICTORIA-VOLKSBANKEN pension fund and provident fund as well as the Generali pension fund. In: OTS.at. Austria Press Agency , accessed on March 12, 2018 .
