Countries around the world are increasing the retirement ages of residents due to the financial constraints on pension funding and to lengthen the employment force amid an aging population. Here are the top 3 countries with the highest and lowest retirement age based on official records and local news sources.
Top 3 countries with lowest retirement age:
The retirement age in Russia has long been unchanged as it is a highly sensitive issue for the country with a life expectancy rate as low as 68 for men. Presently, the retirement age for men is 60 years while that for women is 55 years.
In July however, the government decided to raise the retirement age from 60 to 65 years to for men and 55 to 63 years for women by 2034.
Currently, the retirement age for women in China is 50 years (55 years for female civil servants) and 60 years for men. They can opt for an early retirement 5 years earlier than normal if they are engaged in physical labour in certain industries.
However, with an increasing life expectancy and increasingly aging controlled population, in the coming years, the Chinese government plans on push the retirement age gradually higher.
According to the official government portal of the United Arab Emirates, "the retirement age for Emiratis is 49 and for expatriate residents is 60. Expatriates who are older than 60 are allowed to work up to the age of 65 after obtaining approval of the Minister of Human Resources and Emiratisation or the Undersecretary. After the age of 60, labour cards are renewed annually."
49 years marks the lowest retirement age in the world.
India is among the countries with the lowest retirement ages at 58 years for private sector employees and 60 years for government workers. On an average, 60 is the retirement age around the world.
Top 3 countries with highest retirement ages:
The USA allows a flexible retirement from 62 years. Those retiring at 62 will receive a reduced pension, but those retiring after 65 years will receive free medical care if they have paid the Medicare taxes for 10 years. The retirement age is going to extend to 67 years from 2023.
65 years is also the retirement age for many Latin American countries and industrially advanced countries like Germany, Netherlands, Finland, Canada, France, Portugal, Spain and the UK.
2. Norway and Iceland
The normal retirement age for Norwegians is 67 years, it is, however, flexible between 62 to 75 years. Norway is known to have a strong pension system that pays minimal pension to anyone who has lived in Norway for 40 years after the age of 16 years. The longer you work, the higher the pension and this encourages citizens to extend their employment years.
Similarly, in Iceland, a majority of the people work till 67 years. Public sector employees can retire at 65 but are allowed to work till 70 years. On an average, men retire at 70 while women work a little above 65 years.
The retirement age in Libya was increased from 65 to 70 years in Libya last November. The local news daily Libya Herald, however, says, " the new retirement age is not binding: people may still retire at 65."