Denmark will raise its retirement age to 70 by 2040

Denmark’s Parliament has passed a law to increase the retirement age to 70 by 2040.

Currently, the retirement age is 67, but will gradually increase to 70 in 2040, impacting those born after 1970.

The law passed with a majority vote, according to the BBC.

In 2006, Denmark’s Government signed an agreement to adjust the retirement age based on life expectancy.

Under the agreement, every five years, the Parliament votes on whether to increase the age of retirement by one year.

When Danish citizens reach this age, they receive a Government-funded pension called the ‘Folkepension’.

The longer life expectancy, the longer people are asked to work, offsetting the impacts of the Government-funded pension.

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Trade unions have led protests of the change in Denmark’s capital, Copenhagen.

Prime Minister Mette Frederiksen has not ruled out changing how the system works in the future.

In 2022, a Government committee found that increasing the age by six months at a time would be a “sustainable” alternative.

Another Danish politician, Samira Nawa, said last year the 2006 agreement “is the foundation of the healthy economy Denmark has had for years.”

In Australia, legally there is no retirement age, meaning you can retire at any time.

Anyone born after 1964 can access their super at the age of 60.

You only become eligible for the age pension at 67.

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