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Years-of-service Pension: Rare Arrangement in Europe

Pension types similar to the years-of-service pension that will be introduced in the forthcoming pension reform in Finland can be found in five European countries. In many respects, the criteria for the pension are similar, but there are also differences. Finland will be a forerunner when it comes to measuring the mental strain of work.

Average Monthly Pension EUR 1,588

The average total monthly pension last year amounted to EUR 1,588. The data is based on preliminary statistics compiled by the Finnish Centre for Pensions and Kela for year-end 2014.

Successful Senior Programme Meets the Challenge Posed by Rising Retirement Ages

The retirement ages will rise considerably in the near future. Most EU Member States have linked the retirement age to life expectancy. As people will have to work longer, increasing attention has to be paid to the working capacity of elderly employees. Oras Group is a forerunner in this area with its senior programme.

Improved Cooperation Between Rehabilitation Actors

Working lives could be extended by increasing the support of the rehabilitation of people with a partial working capacity. The situation is challenging, however, since the liability for the rehabilitation is divided between numerous actors.

Solvency Rules of Earnings-related Pension Providers to be Reformed

The regulations about the calculation of the solvency limit of earnings-related pension providers and the decentralisation of investments will be reformed. The acts will come into force as of the beginning of 2017. In the calculation of the solvency, essential investment risks will be taken into account more comprehensively than currently.

Earnings-related Pension Reform Will Reach Its Goals

According to our projections at the Finnish Centre for Pensions, the 2017 pension reform will extend working lives, defer retirement and raise the average pension of future age cohorts on all educational levels. At the same time, the pressure to raise the earnings-related pension contributions will be reduced.

Clearly Rising Effective Retirement Age

According to statistics of the Finnish Centre for Pensions, the effective retirement age rose significantly in 2014. On average, the Finns retired on an earnings-related pension at age 61.2 years. The equivalent figure in 2013 was 60.9 years.

Working Does Not Extend Periods of Study

Working while studying does not affect the employment of young people after graduation. In general, young graduates attach to the labour markets well. In addition, working while studying does not significantly extend the period of study.

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