Younger generations in Europe might be working in their seventies as most European nations look set to boost the retirement age during the next ten years, studies indicate.
Research from the Finnish Centre for Pensions has discovered that more nations in Europe are correcting the retirement age according to life expectancy instead of contributions or earnings. More people are expected to survive longer and consequently, will need more state aid.
Data in the European Commission indicates that Latvia’s market will see the biggest increase from the prices of aging’, which might go up by 13 percent between now and 2070.
Meanwhile, Denmark’s Prime Minister declared on Monday intends to reduce the retirement age for some men and women who’ve worked and paid tax for 42 decades. Denmark now has among the maximum retirement ages in Europe in 67 decades, that’s exactly the same for both Italy and Greece.
All three of those countries have embraced the life expectancy mechanism for placing retirement age. Whilst in Poland, girls can retire from age 60 and in Slovakia, it is 62 for both women and men.
More people are now operating beyond the retirement age, either by deciding to reduce their working hours instead of retiring entirely or working part-time whilst getting their retirement.