Which countries have the lowest and highest retirement ages in Europe?

The French authorities unveiled its pension reform on Tuesday, elevating the retirement age from 62 to 64 by 2030.

Prime Minister Elisabeth Borne detailed her plans to make the French work for longer, additionally elevating the contribution interval required for a full pension to a full 43 years. 

This rule is to kick in by 2027, whereas the statutory retirement age will go up by six months annually, beginning in September, finally reaching the 64 years mark by the tip of the last decade.

Sharp criticism of the reform by each the far-right and the far-left bookended protests by the commerce unions and anxious residents, apprehensive that the deliberate change might be most harshly felt by these underprivileged.

However the retirement age hike isn’t just a pattern in France: the usual necessary retirement age is about to extend in most Organisation for Financial Co-operation and Improvement (OECD) international locations.

Which international locations have the bottom and highest retirement ages in Europe? What’s the variety of anticipated years spent in retirement in Europe? And at what age do Europeans exit the labour market?

We took a look on the out there numbers.

What are the present early and statutory retirement ages in Europe?

Definitions of the statutory pension age differ throughout international locations. There are totally different practices in every nation relying on pension sort, in accordance with the OECD dataset and the Pensions at a Look report.

The 2 reviews use 2020 figures — the most recent out there knowledge analysing present and future retirement ages for individuals who entered the labour drive at age 22.

In some circumstances, the report doesn’t specify the gender of every nation, which implies the retirement age for women and men could be the identical in these locations.

Present retirement ages embody two varieties: early and commonplace. For males, early retirement ages differ from 59 years in Lithuania to 63.7 years in Germany, in accordance with the OECD report. For ladies, it ranges from 58 years in Lithuania to 63.7 years in Germany.

In France, the present early retirement age stands at 62 years of age for each women and men. The truth is, 62 is the early retirement age in virtually half of the international locations, together with Sweden, Portugal, Norway, Italy, Greece, and Austria.

Precise retirement ages are extra different in comparison with early retirement ages and carefully replicate the necessary retirement age. For males, it ranges from 52 years in Turkey to 67 years in Norway and Iceland.

For ladies, it’s 49 years in Turkey, whereas Norway and Iceland have the very best retirement ages of 67 years.

Does France have a better retirement age than the EU?

The EU common stands at 64.3 years for males and 63.5 years for ladies.

In France, the present retirement age is 64.5 years for each women and men, in accordance with the OECD dataset.

Which means that France has a barely larger retirement age than the EU common. It’s nonetheless decrease than in another bloc members, corresponding to Germany, the place this determine comes out to 65.7 years for each women and men.

Excluding Turkey, the minimal present retirement age throughout Europe is 62 years for males and 60 years for ladies. 

The present retirement age is 65 years or over in most European international locations the place OECD knowledge is accessible. 

Of the EU member states, Greece, Italy, Luxembourg and Slovenia have the bottom present retirement ages, with 62 years for each women and men.

Anticipated years in retirement elevated significantly?

Anticipated years in retirement is the life expectancy measured on the age of efficient exit from the labour market, and this determine has considerably elevated over time. 

In 1970, males within the OECD international locations had 12.0 years on common after their exit from the labour market whereas they may count on to spend 19.5 years in retirement by 2020. 

Girls’s life expectancy at labour market exit was markedly larger to start out, resting at 16.0 years on common within the OECD in 1970. 

This rose to 23.8 years in 2020, whereas the hole between women and men has additionally barely grown.

Girls are anticipated to dwell 4 years longer than males after retiring

The hole between men and women in anticipated years of retirement varies from 2.0 years in Eire to 7.5 years in Cyprus. 

By 2020, European ladies usually can count on to dwell 4.3 years greater than males after they exit the labour market. 

Whereas the EU common is 4.6 years, in France, the gender hole stands in favour of ladies by a complete of three.6 years.

Apparently, life expectancy in retirement for each extremely varies throughout Europe. For males, it ranges from 14 years in Latvia to 24 years in Luxembourg.

For ladies, it varies from 18.9 years in Latvia to twenty-eight.4 years in Greece. Girls are anticipated to have 26 years or extra to spend whereas retired in Belgium, France, Greece, Italy, Luxembourg and Spain.

France ranked within the high three for anticipated years in retirement

France recorded very excessive anticipated years in retirement, rating second in males (23.5 years) and third in ladies (27.1 years) throughout the continent.

What are going to be the longer term retirement ages by 2060?

OECD estimates that the traditional retirement age will enhance by about two years on common by the mid-2060s within the international locations it contains. 

Denmark is projected to have the very best retirement age, at 74 years for each women and men. In lots of international locations, the longer term precise retirement age could be round 65 and even 66 years of age.

Within the EU, the retirement age is predicted to be 66.1 years for males and 65.9 years for ladies by 2060. In France, the retirement age is projected to succeed in 66 for each women and men in the identical interval.