Some recent major policy actions have consisted of partially reversing previous reforms. The sometimes strong impact of measures tightening social programmes and the dramatic rise of anti-establishment parties have further contributed to the growing opposition against fiscal discipline and the related pension reforms, which in turn alters the political equilibrium and could destabilise the compromise that supported pension reforms in earlier stages. Second, in some countries pension systems are still maturing, meaning that currently not all older people have been covered during their entire working lives. changing tax rules for pensioners (Sweden). At the same time, prolonging working lives typically enables people to accrue additional pension entitlements, raising benefits. They will fall in about 60% of OECD countries, increase in about 30% of them and be roughly stable in the remaining 10%. The normal pensionable age is defined as the age at which individuals can first withdraw their full pension benefits, i.e. July 2019. In Sweden, the age at which employers can terminate the contracts of older workers according to the Employment Protection Act – the so-called mandatory retirement age – will be raised from age 67 to 68 in 2020 and 69 in 2023. The Slovak Republic has stopped the link between the retirement age and life expectancy in 2019 and put a cap at 64 years on the former instead, while Spain suspended the automatic adjustments affecting the initial pension at retirement and indexation of pensions in payment. Early retirement in Chile and the Netherlands is in principle possible from any age. March 2019: From January 2019 the amount of income the participant can earn before it will influence negatively on the pension is increased from DKK 60.000 to DKK 100.000. in 13 OECD countries. On the other hand, Hungary gradually reduced the pension contribution rate paid by employers from 15.75% in January 2018 to 12.29% in July 2019. In France, from April 2018 to January 2020, the old-age safety net (ASPA) will be increasing by about 12.5% in nominal terms. The eligibility age for the state pension (AOW) will rise more slowly to reach 67 in 2024 (instead of 2021). The employment rate among individuals aged 55 to 64 grew by more than 17 percentage points, from 43.9% in 2000 to 61.5% in 2018, on average in the OECD, while in emerging economies it increased much less (Figure 1.8). Measure suspended until 2026 for some occupations. One important question for the relevance of linking the retirement age to life expectancy relates therefore to how socio-economic differences in life expectancy evolve. January 2019. This means that until 2021 the retirement age will remain 66 years and 4 months. The legacy of the great financial crisis leaves many countries with high public debt and therefore limited room for manoeuvre. In some countries, tensions generated by the global financial crisis actually exacerbated and highlighted structural weaknesses. While low overall fertility can put pressure on the financial sustainability of pension systems, falling fertility rates at very young ages, rising female education levels and rising female employment rates are major accomplishments, which improve women’s well-being and reduce their old-age poverty risks (see next subsection). Broadly shared longevity gains with unchanged retirement ages is progressive based on the same argument: they tend to benefit those with shorter expected lives relatively more. The new law also allows men with at least 42 years of contributions and women with at least 37 years of contributions to retire with a full pension 2 years before the statutory retirement age (but not earlier than age 60 for men or age 55 for women). May 2018. Sweden experienced some difficulties in applying the brake rule during the Great Recession, and revised it to avoid sharp adjustments.

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