Abstract
The average age of retirement used to be low in most countries due to numerous policies introduced 30 to 40 years ago which encouraged lower retirement ages. However, in response to the growth of the older segment of the population, increased life expectancy, the need for skilled workers, and the precarious financial state of public pension systems, pension reforms have been implemented in the U.S. and Europe, and are now geared towards improving employment rates for older workers, increasing retirement ages and pension eligibility. This paper surveys recent changes in retirement age and maps the changes that have occurred in the last decades using data from 34 OECD (The Organization for Economic Cooperation and Development) countries. This paper then reviews the arguments for and against these changes, the criteria for setting a certain retirement age, and the differences in statutory retirement age by gender, occupation, employment status, and other factors unique to particular countries. The purpose of this paper is to analyze current trends in terms of raising the pensionable age.
Highlights
In the last decade, the trend of decreasing retirement age and early exit from the labor market [1] [2] has begun to change [3] [4]
Other reasons that are often mentioned are the crisis in public pension programs, issues of supply and demand in the labor market, savings and retirement security of the older population, and the improved education level which is correlated with the ability to work longer
Another argument made by the opponents is that not all groups have seen the same increase in life expectancy, so those with historically shorter life expectancies, for example the poor, the less educated, and blue collar workers—are affected disproportionally by an increase in the retirement age because they stand to reap fewer benefits [10]
Summary
The trend of decreasing retirement age and early exit from the labor market [1] [2] has begun to change [3] [4]. This paper documents the changes that have occurred in the last decade using data from the 34 OECD countries: Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, South Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, UK and U.S (Table 1). This manuscript provides a review of the changes in retirement age in those countries, the arguments for and against these changes, the criteria for setting a certain retirement age, and the differences in the statutory retirement age between males and females. Land, UK) increased retirement age only for women. 20 countries are planning to increase retirement age in the coming years, when the planned increase is range between 2 years (for example in Canada and Denmark) and 7 years (for example the retirement age for women in Poland and Turkey). 14 of the OECD countries have not increased retirement age
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