July 6, 2010

European governments must consider raising the retirement age in their countries to ease pressure on public finances and prevent the explosion of their pension systems, the European Commission has said.

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Weak growth, ballooning national debts and higher unemployment ‘have made it harder’ for all systems to make good on pension promises, the Commission says in a document to be presented Wednesday.

‘Ensuring that the time spent in retirement does not continue to increase compared to time spent working would support adequacy and sustainability,’ says the ‘green paper’ on pension systems.

‘Prolonging working lives to reflect continuous gains in life expectancy over time would bring a double dividend: higher living standards and more sustainable pensions,’ the Commission says.


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