Denmark Increases Retirement Age to 70 by 2040
(MENAFN) Denmark’s legislative body has endorsed a divisive proposal to gradually elevate the country’s statutory pension age to 70 by the year 2040.
This shift would position Denmark as having the highest retirement age across Europe.
According to a Danish public broadcaster, a total of 102 lawmakers took part in the third and final vote on the legislation on Thursday.
Out of those, 81 voted in favor, while 21 were against the measure.
The updated law will be applicable to all individuals born on or after Jan. 1, 1971, effectively setting a new timeline for future retirees.
This initiative stems from the 2006 "Welfare Agreement", a long-term arrangement that ties the pension age to advancements in average life expectancy.
Following this formula, the retirement age is scheduled to increase to 68 by 2030, then to 69 in 2035, and ultimately reach 70 in 2040.
Although the bill garnered sufficient backing in parliament, it has drawn notable backlash from laborers, trade unions, and even certain members of the governing "Social Democratic Party", who argue it places undue pressure on aging workers.
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