AOW

AOW (Algemene ouderdomswet) is the state old age pension. Everyone pays pension premiums, even people who are claiming a pension. A single person’s pension is equal to 70% of the minimum wage plus extra money for housing, health insurance, etc. To qualify for the full AOW you must have lived in the Netherlands for 50 years. For every year you have missed, 2% is cut from your pension. The official retirement age is currently being increased from 65 to 67.