The Danish parliament has approved raising the retirement age to 70, making Denmark the country with the highest retirement age in Europe, CNN reports.
Currently, most Danes retire at age 67, while those born on January 1, 1967 and later can retire at age 69. Under the new law, those born after December 31, 1970 will have to wait until age 70 to retire.
Minister of Labor, Ane Halsboe-Jorgensen, stated that this change is necessary to guarantee the well-being of future generations.
According to official statistics, Denmark has about six million inhabitants, of whom over 700 are aged 60–69 and about 580 are aged 70–79.
The Danish Association of Insurance and Pension Funds (F&P) highlighted that more and more citizens continue to work even after receiving their state pension – around 80 people currently work after retirement, thanks to good economic conditions, employer flexibility and financial incentives.
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Denmark has the highest retirement age
"For many Danes, the age of 70 seems high, but the facts show that more and more people are staying active in the labor market. The good news is that many of them are not only in good health, but also have the desire to continue working," said Jan V. Hansen from F&P.
However, the opposition Red-Green Alliance condemned the decision, which was supported by the ruling Social Democrats and the conservatives. They called it unfair and pointed out that many ministers are still eligible to retire at age 60.
