statutory retirement age, contribution period, etc. What is the situation in Greece, Italy and Japan?

The retirement age is at the center of the French presidential debates. Will it be necessary to work longer in the future? Some candidates have positioned themselves to reject the legal age by raising it to 65, while others are advocating the status quo at 62 or, conversely, the return of retirement at 60. This question also arises in other countries. Overview.

In Greece, the retirement age has returned to 67

In Greece, after the economic and political crisis of 2010, pensions were significantly reduced and the retirement age was brought back to 67. A heavy blow for retirees who regularly demonstrate against the decline in purchasing power. It’s a painful topic in Greece, pensions have been lowered 15 times. However, it is possible to receive a reduced pension from the age of 62 if the insured has 40 years of contributions, of which at least 100 days of work in the last five years. Widowed mothers and fathers who care for a minor or disabled child can also benefit from this scheme if they have paid contributions for at least 18 years or 5,500 working days. You can leave even at the age of 60, but you have to prove 35 years of work, of which 7,500 days of hard and unhealthy work. What makes retirements of around 600 euros at best. In fact, the vast majority of retirees receive 400 euros while 30% of the medicines are at their expense.

Recent changes have taken place without really improving the lot of retirees. From on March 1, pensions are reduced by 30% if the pensioner continues to work, precisely because he cannot get by. A universal pension of 384 euros has been introduced if the insured has 20 years of insurance. In any case, widows and widowers receive a reduced pension of around 10-20%. This reform has become an important theme in the latent election campaign that dominates political life.

In Italy, difference between legal age and effective retirement age

On paper, Italians retire late. The legal retirement age here is 67, but in practice, Italians stop working at 62. This is two years ahead of the OECD average. With the increase in life expectancy, in particular, the legal age will continue to be postponed. In 2050, Italians are expected to work until the age of 69. But to get a small retirement and make ends meet, more and more of the 16 million retirees are returning to work.

The question of the retirement age is arousing interest in Italy. It is also a central topic. It must be said that over 23% of the population has already celebrated its 65th birthday, which makes La Botte the oldest town in Europe. And it won’t work. Due to the continuous demographic decline of the last ten years, in 30 years retirees could be more numerous than Italian workers. They already account for 17% of the country’s GDP, which is one of the highest retirement budgets in the world.

Also in Italy there are those who want the system to be revised. In Italy there has been no pension reform for 10 years. The only adjustment, a détente tested for three years launched by the former populist government with a simple principle: after 40 years of seniority, an Italian can finish his career at the age of 60 since the total number of years is equal to 100. But from 2023, a return to the old system, a system considered too rigid by the angry unions that these days are asking for answers from the executive while the issue of pensions has taken a back seat on the Italian political agenda.

In Japan, employees are prepared to work for a long time

More than the question of age, there is the problem of maintaining a viable distribution system and correct pensions in view of the aging population. But here we know immediately that we will have to work for a long time. This is what the head of an appliance store group said to young recruits in their 20s last week: “Today you are entering the active life, you are entering what will undoubtedly be the longest period of your life. In an era where it is said that we will live to be a hundred years, I think you strive for at least 60 years.”

This means that these young people should work until the age of 80, and this is far from impossible! The statutory retirement age will go from 60 to 65 in 2025, but even before that, the law requires companies to already give their employees the option to work up to the age of 65 or 70 on a voluntary basis. “As a general rule, we extend all contracts for employees over 65 who wish to do so.specifies a Japanese HRD. In principle, the extension of the contract is valid for one year, and at the end of the term, if the person still wishes to continue, the contract is renewed. In our company, we don’t have anyone who says, ‘Well, I’m 65, that’s enough, I’m done.’ “ Companies have already abolished the retirement age and employ 70-year-olds and 80-year-olds who want to continue earning more, occupying or serving society.

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