Assistance for aging unemployed persons

Labour market subsidy is payable to unemployment job seekers until the statutory old-age retirement age, but the basic and earnings-related unemployment allowances can usually be paid for up to 500 days only.
 
Unemployed persons born before 1950 who satisfy the condition regarding the terms of employment can be paid unemployment allowance for additional days and seek unemployment pension once payment of the allowance has ended. The unemployment pension provides economic security to long-term unemployed persons until the time they reach old-age retirement age.
 
For aging unemployed persons born 1950 or thereafter, economic security is provided in the form of additional days of unemployment security.

Additional days of unemployment allowance for aging unemployment persons

Aging unemployed persons who satisfy the condition regarding the terms of employment are eligible for additional days of unemployment allowance and can take advantage of a kind of unemployment path to retirement. The additional days are only available to recipients of unemployment allowance for employees and not for entrepreneurs or self-employed persons.

Additional days of unemployment security for persons born between 1950 and 1954

If you were born between 1950 and 1954, you are eligible for additional days if you are 59 years or older when you run out of eligibility for the unemployment allowance. In addition, you must have worked for at least 5 of the last 20 years. If you meet these criteria, you are eligible for an extended unemployment allowance until the end of the calendar month in which you reach the age of 65. At age 62, you can choose take old-age pension instead of the unemployment allowance. No penalty for early retirement will be applied to the pension.

Additional days of unemployment allowance for persons born in 1955 or thereafter

If you were born in 1955 or thereafter, you are eligible for additional days if you reach the age of 60 years before you run out of eligibility for the unemployment allowance. In addition, you must have worked for at least 5 of the last 20 years. If you meet these criteria, you can be paid an extended unemployment allowance until the end of the calendar month in which you reach the age of 65. At age 62, you can choose take old-age pension instead of the unemployment allowance. No penalty for early retirement will be applied to the pension.

Updated 05/07/13