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".
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