New Pension Benefits and the Pension Reform
The website New pension benefits and the pension reform shows how the 2017 pension reform affects the statistics . The pension reform introduced two new pension benefits: the partial old-age pension and the years-of-service pension. The reform also raises the retirement age gradually.
Rising retirement ages extend working lives
So far, the rising retirement age seems to work as planned. The retirement age rose by three months in 2018. As a result, 10,000 persons deferred retirement. Another three months to the retirement age in 2019 deferred retirement in the same way as in 2018. The majority continued working until their new retirement age. The change in retirement age has thus led to continued working.
The rising retirement age has slightly increased the number of new retirees on a disability pension for those approaching their retirement age, but so far, the change is minor. The number of unemployed persons approaching their retirement age has remained on the same level in recent years. Raising the retirement age seems not to have affected this in any way.
Every tenth 61-year-old or older takes out the partial old-age pension
At year-end 2019, a total of 24,600 partial old-age pensions were in payment. Of the recipients, 55 per cent were men. Nearly 90 per cent drew half of their accrued old-age pension. The average monthly old-age pension was 800 euros and the median pension was nearly 720 euros a month. At year-end 2019, 25-per-cent partial old-age pensions were paid to 3,200 persons. On average, these monthly pensions were 420 euros (median monthly pensions €370).
Nearly one in ten 61-year-old or older has taken out a partial old-age pension. Two out of three persons receiving a partial old-age pension worked in the private sector. A majority of those taking out a partial old-age pension have continued working.
Years-of-service pension paid to 15 persons at year-end 2019
The years-of-service pension was introduced in connection with the 2017 pension reform. The pension can be granted to individuals who were born in 1955 or after, who have done work that requires great mental or physical effort for at least 38 years and whose ability to work has been reduced. The first years-of-service pensions were paid out in the spring of 2018.
Years-of-service pension 2018–2019
|– Average pension €/month||1,870||2,081|
|Pensioners at 31 Dec||5||15|
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