Estonia raises the retirement age to 65: reasons and consequences.

The Estonian government intends to raise the retirement age for its citizens. Currently, the retirement age is 64 years and nine months, but it is planned to increase to 65 years and one month by 2027. According to the new draft law, by 2028, the retirement age in Estonia will reach 65 years and three months.

Reasons for the changes

The Ministry of Social Affairs emphasizes that it is important to maintain the employability of people over 55 in the labor market, especially in light of the aging population. Compared to other European countries, the retirement age in Estonia remains one of the lowest. For example, in countries like Belgium, Germany, and the Netherlands, the retirement age is already 67 years.

There is currently a trend in the world towards increasing the retirement age to support labor market stability in the context of changes in the demographic situation in different countries.

These changes in the retirement age are driven by the need to adapt to new socio-economic realities and to maintain the stability of the pension system. It is expected that raising the retirement age will help reduce the burden on the state budget and provide support for the older generation, which is still actively working.