Finland to raise retirement age to help public finances and encourage people to work more
HELSINKI (AFP) - Finland plans to raise its retirement age to strengthen public finances and encourage Finns to work more, Prime Minister Jyrki Katainen said after his coalition government clinched a deal late on Thursday.
The government plans to propose increasing the effective retirement age to 62.4 years by 2025, a year and a half higher than it is today.
The retirement age to obtain a full pension in the country is 65, but Finns stop working earlier on average, as in many other countries in the Organisation for Economic Cooperation and Development (OECD).
Finland's broad coalition government, which includes right and left-wing parties but not the eurosceptics and the centre, also plans to shorten the amount of time Finns spend in university studies.