Your money in mind: Do you understand the newly new correctly?

Your money in mind: Do you understand the newly new correctly?

The "Reduction New" causes a stir! As the Krone reports, many employees find it difficult to understand the annual account information that they receive through their claims. This system, which has existed for 22 years, is often not properly assessed. It applies to all employment contracts that have been concluded since January 1, 2003, and each company regularly pays into a pension fund to form reserves for its employees. The big question, however, is: what happens to the money? Who knows exactly how high your own claim is or whether it makes sense to bundle credit from several jobs?

A change in the law, as the vbv will change the situation dramatically from October 1, 2024. Then all the authorized persons receive their account information digitally by default. This means that the annual reports on the termination claims, paid contributions, assessment results and administrative costs are offered quickly and easily online. An additional candy: The information can continue to be delivered free of charge in the usual print format if this is desired. The online service "My VBV" enables freedom of appointment-one-time registration is sufficient to gain access to the personal account details at any time.

Important details about handling

The annual reports are more than just numbers. They give valuable insights that can be crucial for many. While all legal changes and guidelines on the subject of “processing new” can be found on the Internet, the challenge of drawing the right conclusions from this information remains. Many employees do not suspect the advantages or risks associated with the handling. It remains to be seen how the new digital processes will affect understanding and management of these claims.