Retirement Reform Again on EU’s Table

Retirement Reform Again on EU’s Table

In the present crisis context in which both unemployment and budget deficit are deepening, the EU countries are discussing again the limit age for retirement.

The majority of he countries wish to increase the age o retirement to 67 years or even more, writes the daily Le Figaro.

The first country to announce this year the increase of retirement age was Spain. The Spanish Government decision to increase it from 65 to 67 produced numerous protests, 84% of the population being against it.

Greece, who was profoundly hit by the economic crisis, with a budget deficit three times greater than firstly predicted, suggested that up until 2015 the average age for retirement to increase from 61 to 63 so it can cover the gaps in the budget.

Another country that wishes to increase the average age is Holland, which at the end of last year announced an increase from 65 to 66 up until 2020 and to 67 until 2025.

Finland who tried to increase the age from 63 to 65 had do postpone the project because of t pressures made by syndicates.

In Denmark the average retirement age is 67 from 2007 and Sweden retires its citizens at 65 from 1976. Also in Norway the average age is 67 but they can retire earlier at 62.

In Germany the law project sustains an increase to 67 years until 2029, Germans being able to retire earlier if they contributed at least 45 years to the state budget.

Another important point in the pension reform is represented by the uniformity of age for man and women, applicable in the public system of Italy and Portugal and following in Great Britain: uniformity to 65 in 2020 and 68 in 2045.

In Romania the law project which is still being debated in the Parliament, stipulates uniformity and increase of retirement age to 65 in 2030 but syndicates are against this measure, threatening with protests.

All of these measures find their source in one acute problem: population aging. Moreover the fall of the market which led to uncertainty in the private pension system contributed greatly to the EU’S States decision.