Denmark passes law to gradually increase retirement age to 70

Copenhagen: Denmark's parliament has passed a new law under which the retirement age in the country will be gradually increased to 70 by the year 2040.

According to the British Broadcasting Corporation (BBC), with this increase, Denmark will become the country with the highest retirement age in Europe.

Since 2006, Denmark has linked the retirement age to the expected average life expectancy, and it is reviewed every five years.

Currently, the retirement age in Denmark is 67, which will rise to 68 in 2030 and to 69 in 2035.

According to the BBC, this change in the retirement age will apply to all individuals born after December 31, 1970. The law was passed in parliament with 81 votes in favor and 21 against.

It is worth noting that the retirement age varies across European countries, and many nations have increased the retirement age in recent years to cope with rising life expectancy and budget deficits.

In Sweden, the minimum age to receive a pension is 63; in Italy, it is 67, while in the UK, the retirement age is also gradually increasing. In France, the retirement age was raised from 62 to 64 in 2023.