Denmark Approves Highest Retirement Age in Europe
Danish Parliament votes to raise legal retirement age to 70 by 2040 amid public protests.
On May 22, 2023, the Danish Parliament enacted a historic reform, increasing the legal retirement age to 70, making Denmark the first country in the European Union to establish such a benchmark.
Currently set at 67, the retirement age will rise to 68 in 2030 and 69 in 2035, according to a system established in 2006 that adjusts the retirement age based on life expectancy, with updates every five years.
The new law particularly impacts individuals born on or after January 1, 1971. Despite receiving backing from a clear majority of 81 votes in favor to 21 against, the reform has sparked considerable controversy and public protests led by labor unions in Copenhagen.
Prime Minister Mette Frederiksen has indicated a willingness to reconsider the automatic adjustment mechanism for the retirement age when it reaches 70, acknowledging the concerns raised by the reforms.
The decision reflects a broader trend across Europe, where many countries have progressively raised retirement ages over the past decade to address aging populations and sustainability in pension systems.
In Spain, the government previously implemented significant pension reforms in 2011, gradually raising the retirement age from 65 to 67, a change set to be fully realized by 2027. By 2025, individuals will be able to retire at 66 years and eight months unless they have contributed for more than 38 years and three months, in which case the retirement age remains at 65.
Several European nations have adopted similar models, with 67 years becoming a commonly referenced age for retirement.
Countries including Germany, Belgium, Greece, Italy, the Netherlands, the United Kingdom, and Iceland either currently enforce or plan to implement retirement ages near this threshold.
Contrastingly, some countries maintain lower retirement ages, typically between 64 and 66 years, but have provisions for periodic adjustments based on life expectancy trends.
This group includes Portugal, the Netherlands, Finland, Sweden, Bulgaria, Cyprus, Estonia, and Slovakia.
Historically, policies aimed at increasing retirement ages have faced opposition and protests.
Notably, in France, significant unrest followed the government's pension reform initiated in April 2023, which gradually raised the legal retirement age from 62 to 64 and increased the years of required contributions for a full pension from 42 to 43 years starting in 2027. Despite the protests, the reform was implemented on September 1, 2023.
In Spain, discussions around linking the retirement age to life expectancy also surfaced during the negotiations for the Toledo Pact in 2018, initiated by the then Catalan nationalist party (PDeCAT).
Attempts to address increased pension spending included discussions on revaluation measures and mechanisms for sustainability, though the specific proposals were ultimately rejected in favor of a new intergenerational equity mechanism.
This mechanism focuses on increasing revenue through contributions to manage the costs associated with an increasing number of retirees and their improved pension entitlements.
Following a recent evaluation, Spain's pension system has reportedly complied with its first European assessment, despite criticisms regarding the government's reporting methods on system finances.
Currently set at 67, the retirement age will rise to 68 in 2030 and 69 in 2035, according to a system established in 2006 that adjusts the retirement age based on life expectancy, with updates every five years.
The new law particularly impacts individuals born on or after January 1, 1971. Despite receiving backing from a clear majority of 81 votes in favor to 21 against, the reform has sparked considerable controversy and public protests led by labor unions in Copenhagen.
Prime Minister Mette Frederiksen has indicated a willingness to reconsider the automatic adjustment mechanism for the retirement age when it reaches 70, acknowledging the concerns raised by the reforms.
The decision reflects a broader trend across Europe, where many countries have progressively raised retirement ages over the past decade to address aging populations and sustainability in pension systems.
In Spain, the government previously implemented significant pension reforms in 2011, gradually raising the retirement age from 65 to 67, a change set to be fully realized by 2027. By 2025, individuals will be able to retire at 66 years and eight months unless they have contributed for more than 38 years and three months, in which case the retirement age remains at 65.
Several European nations have adopted similar models, with 67 years becoming a commonly referenced age for retirement.
Countries including Germany, Belgium, Greece, Italy, the Netherlands, the United Kingdom, and Iceland either currently enforce or plan to implement retirement ages near this threshold.
Contrastingly, some countries maintain lower retirement ages, typically between 64 and 66 years, but have provisions for periodic adjustments based on life expectancy trends.
This group includes Portugal, the Netherlands, Finland, Sweden, Bulgaria, Cyprus, Estonia, and Slovakia.
Historically, policies aimed at increasing retirement ages have faced opposition and protests.
Notably, in France, significant unrest followed the government's pension reform initiated in April 2023, which gradually raised the legal retirement age from 62 to 64 and increased the years of required contributions for a full pension from 42 to 43 years starting in 2027. Despite the protests, the reform was implemented on September 1, 2023.
In Spain, discussions around linking the retirement age to life expectancy also surfaced during the negotiations for the Toledo Pact in 2018, initiated by the then Catalan nationalist party (PDeCAT).
Attempts to address increased pension spending included discussions on revaluation measures and mechanisms for sustainability, though the specific proposals were ultimately rejected in favor of a new intergenerational equity mechanism.
This mechanism focuses on increasing revenue through contributions to manage the costs associated with an increasing number of retirees and their improved pension entitlements.
Following a recent evaluation, Spain's pension system has reportedly complied with its first European assessment, despite criticisms regarding the government's reporting methods on system finances.
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