Young Italians won't retire until they are 71 - OECD

(ANSA) - ROME, DEC 13 - Young people in Italy who enter the labour market now will not retire until they are 71, the OECD said in its Pensions at a Glance Report on Wednesday. The report said this was the highest level in the OECD after Denmark.
    It said this is down to the fact that Italy is one of the nine OECD countries linking the statutory retirement age to life expectancy.
    "For current labour market entrants, the normal retirement age would reach 70 years in the Netherlands and Sweden, 71 years in Estonia and Italy and even 74 years in Denmark based on established links to life expectancy," the report said.
    "As of 2023, the statutory retirement age is 67 in Italy, increasing strongly after the reforms enacted during the Global Financial Crisis".
    The report added that Italy provides broad access to early retirement, often without a penalty.
    "In 2022, a person could retire at age 64 with 38 years of contributions (Quota 102), which was thus the normal retirement age.
    "In 2023, Quota 102 was expanded with Quota 103 allowing to retire at age 62 with 41 years of contributions... There is also an alternative option to retire early - at age 64 with 20 years of contributions, which results in substantially lower benefits". (ANSA).