Very long contributive careers – of people who began working while still very young – accounted for more than half of the total early retirements being approved in 2018, with 26,389 pensions being granted, according to data unveiled by the minister, José Vieira da Silva, at a regular hearing of parliament’s committee on employment and social security.

This year, the normal retirement age is 66 years and five months; at a lower age, early retirement may be requested for those who are aged at least 60 and have at least 40 years of social security contributions. But such people are penalised twice over in relation to full pension-holders, by the application of the sustainability factor relating to life expectancy (which was 14.67% this year) and the pension-reduction rate, of 0.5% for each month by which a pension is brought forward.

The retirement age for public employees rose to 65 in 2013, and in 2014 the sustainability factor was increased and the regular retirement age raised to 66. Since then there has been an average increase in the regular retirement age of one month per year, resulting in this year its being necessary to be 66 years and 5 months old to have a right to a full pension. In addition to these changes, the previous government increased from 4.5% per year to 0.5% a month the penalty for early retirement, and eliminated the time allowance previously granted to those who seek early retirement and have more years of contributions than strictly needed.

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