Retirement age differs in European countries and is a matter of debate across Europe, because of an aging population.
Country | Men | Women | Year | Notes | References |
---|---|---|---|---|---|
Albania | 65 | 61 | 2020 | [1] | |
Austria | 65 | 60 | 2018 | In Austria the retirement age for women is to be equalized to the retirement age for men (65) by 2033. [2] | [1] [3] |
Belarus | 62.5 | 57.5 | 2021 | By 2022, the age will be 63 for men and 58 for women. [4] | [5] |
Belgium | 65 | 65 | 2018 | In Belgium the retirement age is to be increased gradually to 67 years by 2030. [2] | [5] |
Bosnia and Herzegovina | 65 | 65 | 2024 | [1] | |
Bulgaria | 64 (and 7 months) | 62 (and 2 months) | 2024 | In Bulgaria the retirement age for women is to be equalized to the retirement age for men (65) by 2037. | [2] |
Croatia | 65 | 63 (and 6 months) | 2024 | By 2038 there will be an equal age for women and men set at 67. (Women's age will reach 65 in 2030 and 67 in 2038). [2] | [2] |
Cyprus | 65 | 65 | 2018 | [1] [3] | |
Czech Republic | 63 (and 4 months) | 58 (and 8 months) – 62 (and 8 months) | 2018 | In the Czech Republic, in the year 2015, men had the retirement age of 62 years and 10 months and women had it between 58 and 62, depending on number of children. [6] [7] In Czech Republic, the retirement age is in the process of being increased, and therefore depends on year of birth (for individuals born after 1977 it may exceed even 67. e.g. a person born in year 1995 must be at least 70 years old. [8] ) For women the retirement age depends on the number of raised children as well. [9] For people born in 1975, the retirement age will be the same (66y8m) regardless of sex and number of children raised; and this age will reach 67 for people born in 1977. | [7] |
Denmark | 67 | 67 | 2022 | In Denmark, the retirement age will be increased gradually to reach 67 years by 2022. From 2030 onwards, it will be increased a maximum of one year every five years depending on increases in average lifespan. [10] [11] See also: Pensions in Denmark. | [3] [5] |
Estonia | 63 (and 9 months) | 63 (and 9 months) | 2019 | In Estonia the retirement age is to be increased gradually to 65 years by 2026. [12] After 2026 it will be linked to the average life expectancy. | [3] [5] |
Finland | 65 | 65 | 2008 | [3] | |
France | 62 to 67 | 62 to 67 | 2022 | Depends on the duration of contribution (minimum 43 years) | |
Germany | 65 (and 7 months) | 65 (and 7 months) | 2015 | In Germany the retirement age is to be increased gradually and reach 67 years by 2029. See also: Pensions in Germany. | [3] [5] |
Greece | 67 | 67 | 2015 | [2] | |
Hungary | 65 | 65 | 2022 | Women with 40 years of insurance can retire at any age. [2] | [2] |
Iceland | 67 | 67 | 2018 | [5] | |
Ireland | 65 | 65 | 2024 | In Ireland the retirement age is currently 65 [13] and will be increased gradually and reach 68 years by 2028. [2] | [1] [3] [5] |
Italy | 67 | 67 | 2019 | Must have paid contributions for at least 20 years. Those who have paid contributions for at least 38 years can retire at 64. [14] Those who have paid contributions for at least 41 years and 10 months (women) or 42 years and 10 months (men) can retire regardless of age. | [15] |
Latvia | 64 (and 6 months) | 64 (and 6 months) | 2023 | The age will be 65 by 2025. [2] | [2] |
Liechtenstein | 65 | 65 | 2018 | [5] | |
Lithuania | 64 (and 6 months) | 64 | 2023 | In Lithuania, the retirement age will be 65 for both men and women by 2026. [2] | [2] [16] |
Luxembourg | 65 | 65 | 2018 | [1] | |
Malta | 62 | 62 | 2015 | In Malta the retirement age is to be increased gradually to 65 years by 2027. [2] | [2] |
Moldova | 63 | 59 | 2020 | Retirement age for women is increasing every 6 months until it reaches 63 years in 2028. | [1] |
Montenegro | 66 | 64 | 2022 | [1] | |
Netherlands | 66 (and 4 months) | 66 (and 4 months) | 2019 | In the Netherlands the retirement age is 68 years old. The state pension for all elderly is to be increased gradually to reach 67 years and 9 months by 2022. [17] After 2022 it will be linked to the average life expectancy. | [1] [3] [18] |
North Macedonia | 64 | 62 | 2011 | [1] | |
Norway | 67 | 67 | 2018 | See also: Pensions in Norway The general retirement age is currently set to age 67, however, given sufficient pension contributions it is possible to retire as early as at age 62. The longer an individual postpones withdrawing a pension, the greater the government pension provision becomes. | |
Poland | 65 | 60 | 2016 | ||
Portugal | 66 (and 4 months) | 66 (and 4 months) | 2018 | [19] | |
Romania | 65 | 61 | 2019 | The age for women is being increased gradually. It will reach 63 by 2030. [20] | [21] |
Serbia | 65 | 63 (and 8 months) | 2024 | By the year of 2032 retirement age for women will equalize with men and reach 65. Also it is possible to gain pension after 45 years of labour if that happens prior to 66th year of life for men or aged 61 years and 6 months for women. It would be at least 60 for both men and women, considering the fact that person is legally labour-eligible aged 15 in Serbia. [22] | [1] |
Slovakia | 64 | 64 | 2021 | [23] | |
Slovenia | 65 | 65 | 2018 | [2] | |
Spain | 65 (and 3 months) | 65 (and 3 months) | 2015 | The age will be 67 by 2027. [2] See also: Pensions in Spain. | [1] [3] |
Sweden | 65 | 65 | 2020, options age 62–68. | By 2023 the retirement age will be 66 and by 2026 it will be 67, with options age 64-69. | |
Switzerland | 65 | 64 | 2022 | [24] [25] [26] | |
Ukraine | 60 | 60 | 2022 | ||
United Kingdom | 66 | 66 | 2021 | The retirement age is due to be increased to 67 by 2028 and 68 by 2046. See also: Pensions in the United Kingdom. | [27] |
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload.
A pension is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be:
The economy of the Netherlands is a highly developed market economy focused on trade and logistics, manufacturing, services, innovation and technology and sustainable and renewable energy. It is the world's 18th largest economy by nominal GDP and the 28th largest by purchasing power parity (PPP) and is the fifth largest economy in European Union by nominal GDP. It has the world's 11th highest per capita GDP (nominal) and the 13th highest per capita GDP (PPP) as of 2023 making it one of the highest earning nations in the world. Many of the world's largest tech companies are based in its capital Amsterdam or have established their European headquarters in the city, such as IBM, Microsoft, Google, Oracle, Cisco, Uber, Netflix and Tesla. Its second largest city Rotterdam is a major trade, logistics and economic center of the world and is Europe's largest seaport. Netherlands is ranked fifth on global innovation index and fourth on the Global Competitiveness Report.
Old age is the range of ages for persons nearing and surpassing life expectancy. People of old age are also referred to as: old people, elderly, elders, seniors, senior citizens, or older adults. Old age is not a definite biological stage: the chronological age denoted as "old age" varies culturally and historically. Some disciplines and domains focus on the aging and the aged, such as the organic processes of aging (senescence), medical studies of the aging process (gerontology), diseases that afflict older adults (geriatrics), technology to support the aging society (gerontechnology), and leisure and sport activities adapted to older people.
A disability pension is a form of pension given to those people who are permanently or temporarily unable to work due to a disability.
The dependency ratio is an age-population ratio of those typically not in the labor force and those typically in the labor force. It is used to measure the pressure on the productive population.
Population ageing is an increasing median age in a population because of declining fertility rates and rising life expectancy. Most countries have rising life expectancy and an ageing population, trends that emerged first in developed countries but are now seen in virtually all developing countries. That is the case for every country in the world except the 18 countries designated as "demographic outliers" by the United Nations. The aged population is currently at its highest level in human history. The UN predicts the rate of population ageing in the 21st century will exceed that of the previous century. The number of people aged 60 years and over has tripled since 1950 and reached 600 million in 2000 and surpassed 700 million in 2006. It is projected that the combined senior and geriatric population will reach 2.1 billion by 2050. Countries vary significantly in terms of the degree and pace of ageing, and the UN expects populations that began ageing later will have less time to adapt to its implications.
This article lists the statutory retirement age in different countries.
The pensions crisis or pensions timebomb is the predicted difficulty in paying for corporate or government employment retirement pensions in various countries, due to a difference between pension obligations and the resources set aside to fund them. The basic difficulty of the pension problem is that institutions must be sustained over far longer than the political planning horizon. Shifting demographics are causing a lower ratio of workers per retiree; contributing factors include retirees living longer, and lower birth rates. An international comparison of pension institution by countries is important to solve the pension crisis problem. There is significant debate regarding the magnitude and importance of the problem, as well as the solutions. One aspect and challenge of the "Pension timebomb" is that several countries' governments have a constitutional obligation to provide public services to its citizens, but the funding of these programs, such as healthcare are at a lack of funding, especially after the 2008 recession and the strain caused on the dependency ratio by an ageing population and a shrinking workforce, which increases costs of elderly care.
The Survey of Health, Ageing and Retirement in Europe (SHARE) is a multidisciplinary and cross-national panel database of micro data on health, socio-economic status and social and family networks. In seven survey waves to date, SHARE has conducted approximately 380,000 interviews with about 140,000 individuals aged 50 and over. The survey covers 28 European countries and Israel.
The ageing of Europe, also known as the greying of Europe, is a demographic phenomenon in Europe characterised by a decrease in fertility, a decrease in mortality rate, and a higher life expectancy among European populations. Low birth rates and higher life expectancy contribute to the transformation of Europe's population pyramid shape. The most significant change is the transition towards a much older population structure, resulting in a decrease in the proportion of the working age while the number of the retired population increases. The total number of the older population is projected to increase greatly within the coming decades, with rising proportions of the post-war baby-boom generations reaching retirement. This will cause a high burden on the working age population as they provide for the increasing number of the older population.
Active ageing is a concept recently deployed by the European Commission, the World Health Organization, and used also in Human Resource Management. This concept evokes the idea of longer activity, with a higher retirement age and working practices adapted to the age of the employee. It also extends to the social engagement of the elderly in the collectivity.
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.
Pensions in Spain consist of a mandatory state pension scheme, and voluntary company and individual pension provision.
Bernd Marin is an Austrian social scientist.
The Max Planck Institute for Social Law and Social Policy is a research facility located in Maxvorstadt, Munich, Bavaria, Germany.
Aged care in Australia, is the provision of services to meet the unique needs of older people in Australia. It includes both residential aged care as well as services provided in the home such as personal care, domestic assistance, home nursing, nutrition and meal preparation, respite services, continence management, mobility & dexterity assistance, transport, social support and the provision of equipment and aids.
Public pensions in Greece are designed to provide incomes to Greek pensioners upon reaching retirement. For decades pensions in Greece were known to be among the most generous in the European Union, allowing many pensioners to retire earlier than pensioners in other European countries. This placed a heavy burden on Greece's public finances which made the Greek state increasingly vulnerable to external economic shocks, culminating in a recession due to the 2008 financial crisis and subsequent European debt crisis. This series of crises has forced the Greek government to implement economic reforms aimed at restructuring the pension system and eliminating inefficiencies within it. Measures in the Greek austerity packages imposed upon Greek citizens by the European Central Bank have achieved some success at reforming the pension system despite having stark ramifications for standards of living in Greece, which have seen a sharp decline since the beginning of the crisis.
The pension scheme in Malta is relatively new due to the nature of having gained independence from the United Kingdom on 21st September, 1964 and became a republic on 13th December, 1974. It also has the smallest economy in the eurozone which explains why Malta very recently enacted the Retirement Pensions Act of 2015. Since Malta has been a member of the European Union since May 1, 2004, they are to uphold the values of The European Pillar of Social Rights. Though, ultimately pension policy and the regulation of it is held at the national level. There are different types of retirement schemes citizens of Malta qualify for. The first being an occupational retirement scheme in that this plan is established either for or by an employer for associated employees. The second is a personal retirement scheme in which the individual has contributed to the plan rather than an employer.
An occupational pension fund, also referred to as an employer funded or employer administered scheme, is a pension offered by an employer to an employee's retirement scheme. Within the European Union (EU), these pension funds can vary throughout certain Member States due to differences in retirement ages in Europe, salaries and length of careers, labour and tax laws, and phases of reform.