The European pension reforms increase the retirement age and the number of years worked. We know the current situation of some of these countries, based on the average of these numbers in each of them.
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Raise the retirement age or increase the number of premium years necessary for access to a pension are the main measures of the pension reforms implemented by the European countries, which, as in France, aim at the sustainability of this pillar of the social security system.
Most European countries have reformed their pension systems or are planning to do so by raising the retirement age, albeit with differences between, for example, 67 in Germany and 64 in France.
With regard to the average pension, there are also differences per country, from the 487 euros per month from Portugal to 1509 euro from France, through the 833 Euros from Greece 1079 Euros from Germany 1285 euros from Italy and the almost 1300 Euro from Spain.
According to Eurostat data, average European pension expenditure in 2020 represented 13.6% of GDP, although countries such as Greece (17.8%), Italy (17.6%), Portugal (15%), France (15.9 %), Austria (15.3%). %), Finland (13.9%) and Spain (14.5%) were above this average.
This data should take into account, the unions explain, that in 2020, with the pandemic, nominal GDP fell, which would show a greater proportional weight of pension expenditure.
Here are the main milestones of the pension reforms implemented by several European countries:
– France:
The French government has just presented a reform plan that intends to gradually raise the minimum retirement age from the current 62 to 64 by 2030, something opposed by the left and the far right, as well as the trade unions that they have been mobilizing for days.
– Spain:
Spain adopted a reform of the pension system in 2021 linking its revaluation to inflation and encouraging the postponement of the real retirement age, through higher penalties for early retirement and better incentives for those entering the labor market after the statutory deadline. stay .
– Germany:
Germany is in the process of gradually delaying the retirement age so that it will be 67 in 2031 with 35 years of contributions.
– Italy:
With the change now in place, the Executive is applying “Quota 103,” which allows you to retire at age 62, but with 41 years of contributions, pending a comprehensive reform of the pension system next year.
-Portugal:
Portugal is not yet reforming its pension system. The retirement age varies according to the evolution of life expectancy and is set for 2023 and 2024 at 66 years and four months, without penalty regardless of the years of contribution.
– Greece:
The age to receive the full pension in Greece is 62 with 40 years of contributions, or 67 with 15 years.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
