Saturday, February 10, 2007

Finland: Retirement Age Rising

According to a report in Helsingin Sanomat, studies are showing that since the 2005 pension reform, which allowed a person aged under 68 to stay at work and be covered by pension insurance, the retirement age of Finns has been rising. "Fewer people aged 63 to 65 take retirement than previously, and more and more older citizens stay at work, thanks in part to the good employment situation."

The Finnish Centre for Pensions found that in 2006, the expected effective retirement age rose by almost six months for both 25-year-old and 50-year-old employees alike. In addition, the Labour Force Surveys of Statistics Finland indicate a similar trend, with the employment rate of persons aged 60 to 64 having risen by almost 10 percentage points since 2004.

Source: Helsingin Sanomat "Fewer Finns aged 63 to 65 opting for retirement" (February 9, 2007)

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