Denmark is set to have the highest retirement age in Europe, increasing to 70 from 2040.
The country’s retirement age is currently 67, and will rise to 68 in 2030 and 69 in 2035. This is tied to a 2006 welfare agreement that required the retirement age to increase by one year every five years, due to gains in life expectancy.
Danish Prime Minister Mette Frederiksen said last year that her government would revise the agreement, preventing any further increases in retirement age above 70. “We no longer believe in the automatic way the retirement age is raised,” she said at the time.
“In our eyes, you can’t just keep saying people have to work for a year longer, so our clear statement is that the agreement must be renegotiated.”
The increase to 70 passed Denmark’s parliament on Thursday with 81 votes in favour and 21 votes against.
Denmark’s retirement age is rising faster than the country’s average lifespan, according to a new study by Danish trade union confederation Akademikerne.
If the retirement age continues to increase at its current pace until 2070, the difference between Denmark’s retirement age and its projected life expectancy will be around two years, the study found.
Other European nations like Greece, Italy, and the Netherlands also have a retirement age of 67, but Denmark is expected to be the first country in the region to raise it to 68.
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