A need among Norwegians works longer
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Cave Nordic report shows that the so-called retirement age, ie when you retire from working life, is as in Norway and Sweden, ie 65.2 years, while Icelanders work the longest with a retirement age of 67 years in 2020.
While in Estonia and Denmark there is an increase in the retirement age since 2011 by 2.1 and 1.8 years, respectively, the increase is only 0.7 years in Norway, and it has stagnated since around 2016.
– The aging of the population in Norway seems to be stronger than expected. Increased retirement age is absolutely necessary to ensure good and sustainable pensions, says department director at Nav, Ole Christian Lien.
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The Finnish Pension Protection Center has prepared the report in collaboration with NAV and the pension authorities in the Nordic countries and in Estonia.
Ole Christian Lien in Nav believes that the great shortage of labor we have achieved may lead to an increased retirement age because the seniors’ competence is in demand, but that in the longer term there will be a need to look at the regulations for old-age pensions.
He also points out that the Pensions Committee must assess precisely this in the study that will be published on 16 June.
– Both Sweden, Denmark, Finland and Estonia have already increased the lower age limit for drawing a retirement pension, says Lien.
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While retirement age measures age when you retire from working life, retirement age measures age by taking out either disability benefit, AFP or old-age pension, regardless of whether you continue in work.
In Norway, the retirement age was 63.4 years in 2020.
– The pension reform in 2011 led to it being common to take out an old-age pension from the age of 62 and at the same time continue working. Thus, the retirement age in Norway decreased, even though the retirement age from working life increased. It is more common in Norway and in other countries to continue in the job after drawing a retirement pension, says Lien.