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There is no escape from late retirement
European countries face the challenge of the economic and social consequences of an aging population. In particular, pension systems have to adapt to the changes taking place, maintaining, on the one hand, the financial stability related to the balancing of contributions receipts and pension expenditure, and at the same time the adequacy of benefits related to the protection of pensioners from poverty and the provision of an adequate income after leaving employment. One of the key instruments that is used to achieve these goals is the retirement age.
Since the turn of the century, developed countries have been gradually increasing the age at which men and women retire. These changes will continue. Of the 27 EU countries and the UK, 23 countries will raise the retirement age of women and align it with that of men, and in addition, nine of these countries also raise the retirement age of men. As a result, by 2050, the statutory retirement age in half of the EU countries will be higher than 65.
Nine countries (including Italy, Finland, Denmark, Slovakia) increase the retirement age with life expectancy, which means that in the next few decades the statutory retirement age in some countries will exceed 70 years.
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