Denmark raises retirement age to 70 by 2040 amid debates
The Danish Parliament has decided to raise the retirement age from 67 to 70 by 2040. Prime Minister Mette Frederiksen assured citizens that there would be no further increases, despite the projected rise in average life expectancy.
The new regulations apply to Danes born after December 31, 1970. Those approaching retirement age will also feel the changes. By 2030, the retirement age in Denmark will rise to 68 years, and by 2035, it will increase to 69 years.
Denmark: Parliament supports raising the retirement age
The decision was supported by the majority of Folketing (Danish Parliament) members, despite objections during the two-hour debate. The changes are the result of a 2006 agreement that provided for the automatic increase in the retirement age as life expectancy increased.
If this principle were to continue, by 2070, Danes would retire at the age of 74. Prime Minister Frederiksen promised that there would be no drastic changes to the retirement age in the future, and the political agreement on this issue will be renegotiated.
Interestingly, Frederiksen herself will be able to take advantage of earlier regulations allowing her to take early parliamentary retirement at the age of 60. "Dagens Nyheter" reports that for her work as a member of parliament from 2001 to 2012, she may receive a future pension amounting to nearly 24,000 Danish kroner (5,000 Canadian dollars). She is currently 47 years old.
Members of the Danish Parliament are entitled to a parliamentary pension, which they can obtain at age 60, but only if they served in parliament for at least 1 year before July 1, 2007. Currently, in Denmark, the retirement age is the same for both women and men. One can obtain a pension upon reaching 67 years of age.
