Retirement age

This article lists the statutory retirement age in different countries. In some contexts, the retirement age is the age at which a person is expected or required to cease work and is usually the age at which they may be entitled to receive superannuation or other government benefits. Policy makers usually consider the demography, fiscal cost of ageing, health, life expectancy, nature of profession, supply of labour force etc. while deciding the retirement age.[1]

Retirement age by country

Many of the countries listed in the table below are in the process of reforming the ages (see the notes in the table for details). The ages given in the table reflect the age at which one retires if they retire/have retired in the year given in the table; the trend in some countries is that in the future the age will increase gradually (where available, explanations are given in the section on notes), therefore one's year of birth determines when one has the age of retirement (e.g. in Romania women born in January 1955 had the retirement age in January 2015 at age 60; those born in January 1958 will retire in January 2019 at age 61; those born in January 1961 will retire in January 2023 at age 62; those born in January 1967 will retire in January 2030 at age 63).[2]

Retirement age
Country Men Women Year Notes References
Albania 65 60 2012 [3]
Argentina 65 60 2008 [4]
Armenia 63 63 2011 [3]
Australia 65 65 2015 In Australia the retirement age is to be increased gradually to 67 years by July 2023. [5]
Austria 65 60 2015 In Austria the retirement age for women is to be equalized to the retirement age for men (65) by 2033.[6] [3][7]
Azerbaijan 62 60 2012 In Azerbaijan the retirement age for women became 60 years in 2016. [3]
Belarus 60 55 2007 By 2022, the age will be 63 and 58.[8] [9]
Belgium 65 65 2015 By 2030, the age will be 67.[6] [9]
Bosnia and Herzegovina 65 65 2011 [3]
Brazil 65 60 2015 This is the minimum retirement age required for all urban workers who have contributed for at least 180 months (15 years) - see below. If they have contributed for at least 35 years (for men) or 30 years (for women)[10] - or less, for teachers,[11] for workers exposed to harmful health agents,[12] for disablement,[13] and for disabled people (if proved)[14] - it's possible to retire before the minimum age. Regarding to non-urban workers (farmers, fishermen, and native indians, among others) and to disabled people[15] (if proved), these people are considered "special insured"; thus, the minimum age is reduced in 5 years (60 years for men, 55 years for women); this rule is only valid if these people prove they are still working under these circumstances at the moment of retirement. It's necessary to have at least 180 months (15 years) of contribution in order to retire (in all cases cited above). [16]
Bulgaria 64y4month 61y4month 2015 [6]
Canada 65 65 The standard age to begin receiving a CPP retirement pension is when one attains age 65 (the month following the 65th birthday). However, one may receive a reduced CPP retirement pension as early as the month following the 60th birthday. Alternatively, one may receive an increased pension after reaching age 65. Canada also has a pension supplement with different rules called Old Age Security (OAS). [17][18]
Chile 65 60 [19]
China 60 50–55 2011 The retirement age in China currently is 60 for men and 55 for female civil servants and 50 for female workers.[20] [21]
Croatia 65 61y3month 2015 By 2038 there will be an equal age for women and men set at 67. (Women's age will reach 65 in 2030 and 67 in 2038).[6] [6]
Cuba 65 60 2015 The retirement age threshold was increased by 5 years in 2015 [22]
Cyprus 65 65 2011 [3][7]
Czech Republic 60-67 53-67 2016 In the Czech Republic the retirement age depends on year of birth (for individuals born after 1977 it may exceed even 67. eg. a person born in year 1995 must be at least 70 years old.[23]) For women the retirement age depends on the number of raised children as well.[24]
Colombia 62 57 2014 [25]
Denmark 65 65 2015 In Denmark, the retirement age will be increased gradually to reach 67 years by 2022. From 2030 onwards, it will be increased a maximum of one year every five years depending on increases in average lifespan.[26][27] [7][9]
Estonia 63 63 2016 The retirement age for both sexes is to be increased gradually and reach 65 years in 2026.[28] [7][9]
Finland 62–68 62–68 2008 [7]
France 65 65 2015 In France the retirement age is to be increased gradually to 67 years by 2023.[6] See also: Pensions in France. [3][7]
Georgia 65 60 2011 [3]
Germany 65y3month 65y3month 2015 In Germany the retirement age is to be increased gradually and reach 67 years in 2029. See also: Pensions in Germany. [7][9]
Greece 67 67 2015 [6]
Hungary 62y6month 62y6month 2015 The age will be 65 by 2022.[6] [6]
Iceland 67 67 2007 [9]
India 56-60 56-60 2014 Varies statewide for government employees.[29]
Indonesia 58 58 2014 [30]
Ireland 66 66 2015 In Ireland the retirement age is to be increased gradually and reach 68 years in 2028.[6] [3][7][9]
Israel 67 62 2011 [31]
Italy 66 66 2016 [32]
Japan 60 60 Officially 60 but if the employee wishes to extend it to 65, the employer must do so. [33]
Kazakhstan 63 58 2015 From 2017 the retirement age for women is to be increased gradually and reach 63 years in 2027[34]
Republic of Korea 60 60 2016 Employers with more than 300 employees are mandatory to extend the retiring age to 60. From 1 January 2017, it will be mandatory for all employers nationwide.[35]
Kyrgyzstan 63 58 2011 [3]
Latvia 62y6month 62y6month 2015 The age will be 65 by 2025.[6] [6]
Libya 65 65 1980 The age is 60 if in hazardous or unhealthy occupations.
Liechtenstein 64 64 2007 [9]
Lithuania 63y2month 61y4month 2015 In Lithuania, the retirement age will be 65 for both men and women by 2026.[6] [6][36][37]
Luxembourg 65 65 2011 [3]
Macedonia 64 62 2011 [3]
Malaysia 60 60 2013 In Malaysia, The Congress of Unions of Employees in the Public and Civil Services (Cuepacs) wants the government to consider extending the retirement age for civil servants from 60 to 62,[38] but the government has no immediate plan to extend it as the current retirement age is deemed as sufficient.[39] [40]
Malta 62 62 2015 In Malta the retirement age is to be increased gradually to 65 years by 2027.[6] [6]
Mexico 65 65 2015 Retirement age is expected to be increased in the coming years.
Republic of Moldova 62 57 2015 [3]
Montenegro 65 60 2013 [3]
Morocco 65 65 2014 Abdelilah Benkirane increased the retirement age to 65 since 2015. Expectations say that it will increase to 66 by 2017.
Namibia 60 60 2015 The early retirement age for public employees is 55 years, but will be reduced to 50 years (in 2016). [41][42]
Nepal 58 58 2007
Netherlands 65y3month 65y3month 2015 In the Netherlands the retirement age is to be increased gradually and reach 67 years in 2024.[6] After 2024 it will be linked to the average life expectancy. [3][7]
New Zealand 65 65 2013 [43]
Norway 67 67 2011 See: Pensions in Norway.
Pakistan 60 60 2007 [44]
Philippines 60 60 1990 The retirement age for an employee depends on the employment contract. Upon retirement, the retired employee should be given his/her benefits according to the agreement or contract between the employer and the employee. However, if there is no existing retirement plan or agreement for the employee, he/she may retire at the age of 60, given that he/she has served the employer for 5 years, and shall be given a retirement pay of at least half a month’s salary for every year of service (6 months of work given is considered as 1 whole year for the retirement pay). [45]
Poland 65 60 2016
Portugal 66 66 2014 [46]
Romania 65 60 2015 The age for women is being increased gradually. It will reach 63 by 2030.[2] [2]
Russian Federation 60 55 2015 [47]
Saudi Arabia 60 60 2014 In Saudi Arabia, the retirement age is based on the Hijiri (lunar) calendar. [48]
Serbia 65 60 2011 [3]
Singapore 62–65 62–65 2012 In Singapore, the Retirement Age Act (RAA) has been replaced by the Retirement and Re-employment Act (RRA) in 2012. Under the RRA, the statutory minimum retirement age is still 62, but employers are now required to offer re-employment to eligible employees who turn 62, up to the age of 65. [49]
Slovakia 62 58y3month-62y 2015 In Slovakia the retirement age for women depends on the number of children. The retirement age will be equalized for men and women at 62 in 2017.[6] [7]
Slovenia 64y4month 64y4month 2015 [6]
Spain 65y3month 65y3month 2015 The age will be increased at 67 by 2027.[6] See also: Pensions in Spain. [3][7]
Sweden 61–67 61–67 2011 [7][9]
Switzerland 65 64 2015 The age will be equalized at 65 by 2020.[6] [9]
Tajikistan 63 58 2011 [3]
Thailand 60 60 2015
Trinidad and Tobago 60–65 60–65 2015 [50]
Turkmenistan 62 57 2011 [3]
Turkey 60 58 2014 In 1999 the retirement age was changed from 48 for men and 38 for women.[51]
Ukraine 60 57 2015 In Ukraine the retirement age is to be increased gradually to 60 years for women and 62 years for men-civil servants by 2021.[52] [3][53]
United Kingdom 65 62y4month 2015 In the UK the retirement age for women is to be increased gradually and equaled to the retirement age for men in 2018. Later, the retirement age for both sexes is to be increased gradually and reach 68 by 2046 or sooner.[54] [3][6][7]
United States of America 66 66 2015 The earliest age workers may statutorily receive Social Security benefits and Medicare. Retirement Age in the US The age will increase to 67 by 2027.[6] [6]
Uzbekistan 60 55 2011 [3]
Viet Nam 60 55 2011 Vietnam may gradually raise its retirement age to 62 for men and 60 for women to avert a possible bankruptcy of its pension system in the next two decades.[55] [55]

*Note: disputed territory.

The average of statutory retirement age in the 34 countries of the Organisation for Economic Co-operation and Development (OECD) in 2014 was males 65 years and females 63.5 years, but the tendency all over the world is to increase the retirement age.[56] This is also reflected by the findings that just over half the Asian investors surveyed region-wide said they agreed with raising the retirement age, with a quarter disagreeing and the remainder undecided.[57]

Reform

Reforms tend to be phased-in slowly when the retirement age (or pension age) is increased, with grandfathering ensuring a gradual change. In contrast, when the age of retirement is decreased, changes are often brought about rapidly.[58]

One such example of grandfathering are the transitional pension rules which were applied for staff aged 54 years or older, and to some extent for all staff in place, when in 2014 the retirement age of European civil servants was increased to 66 years of age.[59]

See also

References

  1. ↑ "Setting an Ideal Retirement Age!". Centre for Public Policy Research (CPPR).
  2. 1 2 3 "Casa Judeteana de Pensii Arad". cjpensiiarad.ro. Retrieved 23 July 2016.
  3. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Інформація про поточний пенсійний вік у різних країнах, Консультаційна компанія "Стратегія Лайф" .
  4. ↑ Jubilaciones y Pensiones. argentina.gob.ar
  5. ↑ "Age Pension". humanservices.gov.au.
  6. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 "Etk.fi - Avain asiantuntijan työeläketietoon". etk.fi. Retrieved 23 July 2016.
  7. 1 2 3 4 5 6 7 8 9 10 11 12 13 2009 Ageing Report: Economic and budgetary projections for the EU-27 Member States (2008–2060). Joint Report prepared by the European Commission (DG ECFIN) and the Economic Policy Committee (AWG), , p. 78.
  8. ↑ http://www.belta.by/infographica/view/pensionnyj-vozrast-v-belarusi-2908/
  9. 1 2 3 4 5 6 7 8 9 10 Kłos B., Wiek emerytalny kobiet i mężczyzn, "infos", 7.02.2008
  10. ↑ "Aposentadoria por tempo de contribuição". previdencia.gov.br (in Portuguese). Previdência Social. 28 September 2015. Retrieved 30 September 2016.
  11. ↑ "Aposentadoria por tempo de contribuição do professor". previdencia.gov.br (in Portuguese). Previdência Social. 1 May 2013. Retrieved 30 September 2016.
  12. ↑ "Aposentadoria especial por tempo de contribuição". previdencia.gov.br (in Portuguese). Previdência Social. 14 November 2012. Retrieved 30 September 2016.
  13. ↑ "Aposentadoria por invalidez". previdencia.gov.br (in Portuguese). Previdência Social. 1 May 2013. Retrieved 30 September 2016.
  14. ↑ "Aposentadoria por tempo de contribuição da pessoa com deficiência". previdencia.gov.br (in Portuguese). Previdência Social. 21 September 2013. Retrieved 30 September 2016.
  15. ↑ "Aposentadoria por idade da pessoa com deficiência". previdencia.gov.br (in Portuguese). Previdência Social. 1 May 2013. Retrieved 30 September 2016.
  16. ↑ "Aposentadoria por idade". previdencia.gov.br (in Portuguese). Previdência Social. 8 January 2015. Retrieved 30 September 2016.
  17. ↑ "Canada Pension Plan Retirement Pension". servicecanada.gc.ca.
  18. ↑ "Changes to the Old Age Security program". servicecanada.gc.ca.
  19. ↑ "¿El trabajador que ha cumplido la edad de 65 años si es hombre o 60 años si es mujer, está obligado a seguir cotizando en la AFP a la cual se encuentra afiliado?". dt.gob.cl.
  20. ↑ "State Council Circular on Issuing "State Council Temporary Measures on Providing for Old, Weak, Sick, and Handicapped Cadres" and "State Council Temporary Measures on Workers' Retirement, Resignation" (Chinese Text)".
  21. ↑ "Retirement age will be pushed back". china.org.cn.
  22. ↑ http://www.banderasnews.com/0903/nz-cubagoesgray.htm
  23. ↑ Part 3 of paragraph 32 of Czech law 155/1995
  24. ↑ Czech Social Security Administration: Old-age Pension
  25. ↑ "Pensiones - Colpensiones". mintrabajo.gov.co.
  26. ↑ "Adjust your savings to match your retirement expectations". english.pfa.dk. Retrieved 23 July 2016.
  27. ↑ "Denmark has world's best pension system - The Local". thelocal.dk. Retrieved 23 July 2016.
  28. ↑ "Pensionikeskus". pensionikeskus.ee.
  29. ↑ https://sapost.blogspot.in/2012/03/central-and-state-government-employees.html
  30. ↑ Winanti R, Anastasia (9 January 2014). "Indonesia Extends Retirement Age". The Jakarta Globe. Jakarta: BeritaSatu Media Holdings. Retrieved 10 March 2015.
  31. ↑ https://www.knesset.gov.il/spokesman/heb/Result.asp?HodID=9453.pdf
  32. ↑ "Età pensionabile".
  33. ↑ "[늙어가는 한국, 일본에서 배우자 ①] '조로화 속도 가장 빨라' 2026년 한국도 초고령 사회 - 이코노믹리뷰". econovill.com. Retrieved 23 July 2016.
  34. ↑ http://egov.kz/wps/portal/!ut/p/b0/04_Sj9CPykssy0xPLMnMz0vMAfIjc7PyChKtUvKTS3NT80r0w_Wj9KNgPM8U_cgoQ2MDEDA0MAVJ5STmpZcmpqfqRxaV6hfk5lqUOyoqAgDuJERZ/
  35. ↑ "한국일보 : 오피니언 : 2016 국민생활 이렇게 달라진다". hankookilbo.com. Retrieved 23 July 2016.
  36. ↑ Bitinas, Audrius; Maccioni, Alessandro Fiori. "Lithuanian Pension System'S Reforms Transformations and Forecasts" (pdf). Universal Journal of Industrial and Business Management. Horizon Research Publishing. 2(1): 13–23. doi:10.13189/ujibm.2014.020103. Retrieved 11 March 2015.
  37. ↑ Seputyte, Milda (9 June 2011). "Lithuania Raises Retirement Age to 65 to Help Narrow Budget Gap". Bloomberg. Vilnius: Bloomberg L.P. Retrieved 11 March 2015.
  38. ↑ "Cuepacs wants government to consider retirement age from 60 to 62 – Bernama - The Malaysian Insider". web.archive.org. Retrieved 23 July 2016.
  39. ↑ "Malaysia's retirement age stays at 60 - The Rakyat Post - The Rakyat Post". therakyatpost.com. Retrieved 23 July 2016.
  40. ↑ Cheng, Dorothy (30 June 2013). "Bosses, workers welcome retirement at 60". theSundaily. Kuala Lumpur: Sun Media Corporation Sdn. Bhd. Retrieved 10 March 2015.
  41. ↑ Pension Benefits. GIPF. Retrieved on 8 February 2016
  42. ↑ "Govt probes early retirement age.". The Namibian. namibian.com.na. 7 February 2016. Retrieved 23 July 2016.
  43. ↑ webcoordinator@msd.govt.nz. "65 years or older". workandincome.govt.nz.
  44. ↑ "Page Not Found". thepeninsulaqatar.com.
  45. ↑ Philippines (1990). Labor Code of the Philippines : as amended with implementing rules and regulations. Manila: Department of Labor and Employment.
  46. ↑ Raquel Martins. "Idade da reforma passa para os 66 anos em 2014". PÚBLICO.
  47. ↑ "Communists oppose government initiative to raise pension age". RT. 22 April 2015. Retrieved 23 April 2015.
  48. ↑ Abdul Ghafour, P.K. (6 May 2014). "62 to be the age of retirement". Arab News. Jeddah: Saudi Research & Publishing Company. Retrieved 10 March 2015.
  49. ↑ Ministry of Manpower (25 February 2015). "Retirement and Re-employment Act". Singapore: Government of Singapore. Retrieved 10 March 2015.
  50. ↑ The National Insurance Board of Trinidad and Tobago .
  51. ↑ "Emeklilik Yaşını Bekleyenler". sgk.gen.tr.
  52. ↑ "Рада приняла пенсионную реформу, повышающую пенсионный возраст". РИА Новости.
  53. ↑ "Ukraine Needs a Smaller and More Humane State – VoxUkraine". voxukraine.org. Retrieved 23 July 2016.
  54. ↑ "Changes to the planned increase in State Pension age : Directgov - Newsroom". web.archive.org. Retrieved 23 July 2016.
  55. 1 2 "Vietnam may lift retirement age to save pension fund". Thanh Nien News. Ho Chi Minh City: Vietnam’s Youth Association. 13 May 2014. Retrieved 10 March 2015.
  56. ↑ Scott, John (25 June 2014). "Aging Australians Balk at World's Oldest Retirement Age". Jakarta: BeritaSatu Media Holdings. Retrieved 10 March 2015.
  57. ↑ "Asians Want To See Official Retirement Ages Rise – Manulife Survey". Hong Kong: The Manufacturers Life Insurance Company. 22 May 2014. Retrieved 10 March 2015.
  58. ↑ Catherine Blair (8 August 2014). Securing Pension Provision: The Challenge of Reforming the Age of Entitlement. Palgrave Macmillan. p. 107. ISBN 978-1-137-45397-6.
  59. ↑ Irene Souka (July 2013). "Review of the Staff Regulations" (PDF). p. 12.

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