In Austria, statutory social insurance is divided into three main categories: health insurance, accident insurance and pension insurance. The latter aims to ensure that people continue to receive payments after they have stopped working due to old age or illness, so that they can cover their living expenses. Pensions are not only available in old age. For example, if a person’s ability to work is impaired, they may also receive a pension at a young age. In the event of death, the surviving dependants receive an orphan’s, widow’s or widower’s pension.
Pensions are regulated by the General Pensions Act (Allgemeines Pensionsgesetz – APG). Depending on the insurance group,
- The General Social Insurance Act (Allgemeines Sozialversicherungsgesetz – ASVG)
- Social Insurance Act for the Self-Employed in Trade and Business (Gewerbliches Sozialversicherungsgesetz – GSVG)
- Social Insurance Act for the Liberal Professions (Bundesgesetz über die Sozialversicherung freiberuflich selbständig Erwerbstätiger - FSVG)
- Social Insurance Act for Farmers (Bauern-Sozialversicherungsgesetz - BSVG)
establishes the specifications.