Home News OECD: in Italy future retirement age among the highest: 71 years

OECD: in Italy future retirement age among the highest: 71 years

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The generation that now enters the labor market in Italy will retire on average at 71 years of age, while it is now possible to retire from active life on average at 61.8 years, thanks to the “different options available” to retire in retirement. advance. This is what emerges from the “Pensions at a glance 2021” report, released today by the OECD.

In Italy “normal” pension at 71

Italy, explains the OECD, “is among the seven OECD countries that link the statutory retirement age to life expectancy. In a Notional Defined Contribution (NDC) scheme, this link is not necessary to improve retirement finances, but aims to prevent people from retiring too early with too low pensions and to promote employment in older age. In Italy, the ‘normal’ future retirement age requirement is among the highest at 71 years of age, such as Denmark (74), Estonia (71) and the Netherlands (71), against an OECD average 66 years for the generation that is now entering the labor market “.

Odds effect 100

“In Italy and in these other countries – continues the OECD – all the improvements in life expectancy are automatically integrated into the retirement age. Alternatively, Finland and the Netherlands report two thirds of the improvements in life expectancy at retirement age ”. On the other hand, today “the various options available to retire before the statutory retirement age lower the average age of exit from the labor market, equal to an average of 61.8 years against the 63.1 years of the OECD average”.

Quota 100, in particular, made it possible to retire at 62, that is, five years earlier than the statutory retirement age, having paid 38 years of contributions. In addition to Italy, this is an exception only in Spain with less than 40 years of contributions, with Belgium requiring 42 years, France 41.5 years and Germany 45 years. In 2020, the highest average retirement age is 67 in countries such as Norway and Iceland and the lowest in Turkey (52).

Autonomous towards pensions lower than 30%

Over the past 20 years, employment growth, including through longer careers, has offset more than half of the pressure of demographic aging on pension spending, which however increased by 2.2% of GDP between 2000 and 2017. That employment grows for future retirement will therefore be particularly important. In any case, the system will not be able to remedy the profound disparities between the different treatments: for self-employed workers, a future is expected with pensions that are 30% lower than those of an employee with the same contribution seniority, compared to an average OECD average of 25 percent.

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