Effective retirement age rose also in the second year of the corona pandemic. In 2021, the expected effective retirement age within the earnings-related pension system was 62.4 years. It increased by six months compared to 2020.The underlying reasons for the rise were a significant drop in the number of new retirees on a disability pension and the rising retirement age following the 2017 pension reform.
According to the statistics of the Finnish Centre for Pensions, people in Finland retired on an old-age pension at age 61.5 years on average in 2019. This is about one month later than in 2018. A total of 44,500 persons retired on an old-age pension. This is 10 per cent less than in 2018.
Changing Labour Markets, Life-Course and Pensions Conference 19 may 2017 - pr...Eläketurvakeskus
In which ways do labour market flexibilisation and subsequent life-course effects challenge pension provision and how do pension systems respond to such challenges? The conference, organized by the Finnish Centre for Pensions, brought together top researchers and professionals to debate this highly topical issue. Keynotes: Anna D’Addio, Joakim Palme, Traute Meyer, Dirk Hofäcker, Kathrin Komp
Despite recent efforts to equalize the treatment of men and women in the pension system design in many countries, the gender gap in pensions persists. This gap contributes to old-age income inequality in Europe and beyond. The interplay of pension and family policies has a major impact on mitigating the gender gap in pensions.
Effective Retirement Age in the Earnings-related Pension System in 2020Eläketurvakeskus
In 2020, Finns retired on an earnings-related pension five months later than in 2019, at 61.9 years on average. A total of 42,000 persons retired on an old-age pension, which is slightly fewer than in 2019. Continued working raised the employment rate among the elderly to a record-high level.
Rehabilitation within the Earnings-related Pension Scheme 2018Eläketurvakeskus
The share of under-45-year-olds returning to work after rehabilitation grew by five percentage points during the five follow-up years. Seven out of ten were in working life three years after their rehabilitation ended, statistics of the Finnish Centre for Pensions shows.
According to the statistics of the Finnish Centre for Pensions, people in Finland retired on an old-age pension at age 61.5 years on average in 2019. This is about one month later than in 2018. A total of 44,500 persons retired on an old-age pension. This is 10 per cent less than in 2018.
Changing Labour Markets, Life-Course and Pensions Conference 19 may 2017 - pr...Eläketurvakeskus
In which ways do labour market flexibilisation and subsequent life-course effects challenge pension provision and how do pension systems respond to such challenges? The conference, organized by the Finnish Centre for Pensions, brought together top researchers and professionals to debate this highly topical issue. Keynotes: Anna D’Addio, Joakim Palme, Traute Meyer, Dirk Hofäcker, Kathrin Komp
Despite recent efforts to equalize the treatment of men and women in the pension system design in many countries, the gender gap in pensions persists. This gap contributes to old-age income inequality in Europe and beyond. The interplay of pension and family policies has a major impact on mitigating the gender gap in pensions.
Effective Retirement Age in the Earnings-related Pension System in 2020Eläketurvakeskus
In 2020, Finns retired on an earnings-related pension five months later than in 2019, at 61.9 years on average. A total of 42,000 persons retired on an old-age pension, which is slightly fewer than in 2019. Continued working raised the employment rate among the elderly to a record-high level.
Rehabilitation within the Earnings-related Pension Scheme 2018Eläketurvakeskus
The share of under-45-year-olds returning to work after rehabilitation grew by five percentage points during the five follow-up years. Seven out of ten were in working life three years after their rehabilitation ended, statistics of the Finnish Centre for Pensions shows.
A basic income experiment was conducted in Finland in 2017–2018 to find ways to reshape the social security system. Evaluation study of the basic income experiment is underway.
Long-term care reform in Slovenia: financing perspective - Eva Zver, SloveniaOECD Governance
This presentation was made by Eva Zver, Slovenia, at the 4th meeting of the Joint DELSA/GOV-SBO Network on Fiscal Sustainability of Health Systems, held in Paris on 16-17 February 2015.
Not if but when: The demographic and fiscal case for increases to State Pensi...ILC- UK
In December 2021, the Government announced the latest review of State Pension Age (SPA).
Using life expectancy based on year of birth and the latest population projections, this presentation from the International Longevity Centre-UK (ILC) compares the timetabling and costs of four different methods of setting SPA between now and 2045.
ILC argues that SPA may need to rise faster than planned to ensure fiscal sustainability, support intergenerational fairness and keep up with increases in life expectancy.
This presentation was made by Hideaki TANAKA, Japan, at the 13th Annual Meeting of OECD-Asian Senior Budget Officials held in Bangkok, Thailand, on 14-15 December 2017
Indicator of Effective Retirement Age
The Finnish Centre for Pensions has developed an indicator to measure the effective retirement age which is not affected by the age structure of the population. The indicator is called expected effective retirement age.
The indicator describes the development in the effective retirement age. Introduced in 2003, the indicator reacts immediately and in the right direction to changes in retirement risk. As regards the private sector, the expected effective retirement age has been calculated from 1983 and, as regards the whole earnings-related pension scheme, from 1996.
The expectancy is calculated for both 25-year-olds and 50-year-olds. The expectancy for 25-year-olds describes the effective retirement age for the whole population insured for earnings-related pension benefits, and it is used as the official indicator to describe changes in effective retirement age. The expectancy for 50-year-olds is calculated based on insured who have reached the age of 50. Since persons who have retired under the age of 50 are not included in the calculation, the expectancy for a 50-year-old is always higher than that of a 25-year-old. The difference depicts the impact that retirees between the ages of 25–49 have on the effective retirement age. Annually, approximately 10 per cent of those who retire are less than 50 years.
A basic income experiment was conducted in Finland in 2017–2018 to find ways to reshape the social security system. Evaluation study of the basic income experiment is underway.
Long-term care reform in Slovenia: financing perspective - Eva Zver, SloveniaOECD Governance
This presentation was made by Eva Zver, Slovenia, at the 4th meeting of the Joint DELSA/GOV-SBO Network on Fiscal Sustainability of Health Systems, held in Paris on 16-17 February 2015.
Not if but when: The demographic and fiscal case for increases to State Pensi...ILC- UK
In December 2021, the Government announced the latest review of State Pension Age (SPA).
Using life expectancy based on year of birth and the latest population projections, this presentation from the International Longevity Centre-UK (ILC) compares the timetabling and costs of four different methods of setting SPA between now and 2045.
ILC argues that SPA may need to rise faster than planned to ensure fiscal sustainability, support intergenerational fairness and keep up with increases in life expectancy.
This presentation was made by Hideaki TANAKA, Japan, at the 13th Annual Meeting of OECD-Asian Senior Budget Officials held in Bangkok, Thailand, on 14-15 December 2017
Indicator of Effective Retirement Age
The Finnish Centre for Pensions has developed an indicator to measure the effective retirement age which is not affected by the age structure of the population. The indicator is called expected effective retirement age.
The indicator describes the development in the effective retirement age. Introduced in 2003, the indicator reacts immediately and in the right direction to changes in retirement risk. As regards the private sector, the expected effective retirement age has been calculated from 1983 and, as regards the whole earnings-related pension scheme, from 1996.
The expectancy is calculated for both 25-year-olds and 50-year-olds. The expectancy for 25-year-olds describes the effective retirement age for the whole population insured for earnings-related pension benefits, and it is used as the official indicator to describe changes in effective retirement age. The expectancy for 50-year-olds is calculated based on insured who have reached the age of 50. Since persons who have retired under the age of 50 are not included in the calculation, the expectancy for a 50-year-old is always higher than that of a 25-year-old. The difference depicts the impact that retirees between the ages of 25–49 have on the effective retirement age. Annually, approximately 10 per cent of those who retire are less than 50 years.
Persons insured for an earnings-related pension in Finland 2017Eläketurvakeskus
Finnish employees’ average monthly insured earnings in 2017 were 2,860 euros. The median was 2,610 euros, according to statistics from the Finnish Centre for Pensions.
The return on Varma’s investments in January–June was -4.3 (10.4) per cent. The value of investments was EUR 56.7 (59.0 on 1 Jan) billion at the end of June.
Finland's Economic Policy Council published their annual report in January 29, 2020. In the report, the Council evaluates the government’s fiscal policy and its employment-promoting policies. As in the previous reports, in addition to fiscal policy, the Council concentrates on fiscal sustainability and on the connections between social security and employment.
Martin Ellison, professor of Economics at the University of Oxford and a member of Economic Policy Council, presented an overview of the report in the report launch seminar in Helsinki.
For more information, please see: https://www.talouspolitiikanarviointineuvosto.fi/en/home/
Accelerated inflation and rising interest rates were reflected in Varma’s January–September investment performance. In spite of the strong stock price reactions, almost half of Varma’s investments generated positive returns.
The return on investments in January–September was -4.9 (13.5) per cent. The value of Varma’s investments was EUR 56.4 (59.0 on 1 Jan) billion.
Studies on retirees perceived and overall economic well beingEläketurvakeskus
Finnish Centre for Pensions, Studies 02/2019: Kati Ahonen, Susan Kuivalainen, Jyri Liukko, Satu Nivalainen, Liisa-Maria Palomäki and Anu Polvinen (eds.).
Challenges for the UK Pension System - the case for a Pensions ReviewHenry Tapper
Carl Emmerson presented these slides at a Pension PlayPen coffee morning on 23/05/23 - a youtube of the presentation is on this link
https://youtu.be/r302pxmHVvw
Governor Olli Rehn: The Finnish economy in early summer 2020: The worst has n...Suomen Pankki
Governor Olli Rehn
Bank of Finland
The Finnish economy in early summer 2020: The worst has not transpired – but we mustn’t fade in the second half
Bank of Finland Bulletin press conference 9 June 2020
www.eurojatalous.fi #bofbulletin
Similar to Effective retirement age in the earnings related pension system in 2021 (20)
Kustannustenjako kuvina - Kuvapaketissa keskeisiä tietoja työeläkejärjestelmä...Eläketurvakeskus
Kustannustenjaon kuvapaketti sisältää keskeisiä tietoja työeläkejärjestelmän rahoituksesta ja kustannustenjaosta.
Kuvapaketti on vapaasti ladattavissa. Huomaathan, että ppt-tiedoston muistiinpanosivuilta löydät kuvakohtaisia lisätietoja tulkinnan avuksi. Muista mainita lähde aina kuvia lainatessasi.
Kuvapaketti sisältää keskeisiä tietoja työeläkejärjestelmästä ja sen toiminnasta. Kuvat ovat vapaasti ladattavissa. Ppt-kuvaston muistiinpanosivuilta löydät kuvakohtaisia lisätietoja tulkinnan avuksi. Muistathan mainita lähteen aina kuvia lainatessasi.
Aihepiirit:
- Eläkejärjestelmä ja hallinto
- Eläkkeen määräytyminen
- Eläketaso
- Eläkemenot
- Työeläkevakuutetut
- Eläkkeensaajat
- Työeläkkeelle siirtyneet ja eläkkeellesiirtymisikä
- Työeläkekuntoutus
- Työeläkkeiden rahoitus
- Työeläkelaitosten sijoitustoiminta
Esitetyt tilastotiedot perustuvat mm. Eläketurvakeskuksen rekisteritietoihin, Kelan ja Työeläkevakuuttajat TELA:n keräämiin tietoihin sekä eläkelaitosten tilinpäätöksiin. Tutustu Etk.fi:ssä myös kustannustenjaon tilastoihin: http://www.etk.fi/tyoelakepalvelut/vakuutusmatemaattiset-palvelut/kustannustenjako-kuvina/.
Työeläkejärjestelmä kuvina -paketti Etk.fi:ssä: https://www.etk.fi/tietoa-etksta/uutishuone/kuvat/
Lyhyen aikavälin ennusteiden seurantaraportti 2022.pptxEläketurvakeskus
Eläketurvakeskus tekee säännöllisesti lyhyen aikavälin eläkemeno- ja maksutasoennusteita. Niiden päätarkoitus on määrittää kuluvaa vuotta seuraavan vuoden TyEL-maksun taso ja lisäksi arvioida maksettavat TyEL-MEL-eläkkeet sekä TyEL-maksun kehitystrendi viideksi vuodeksi eteenpäin.
Lyhyen aikavälin ennusteiden seurantaraportti 2021Eläketurvakeskus
Eläketurvakeskus tekee säännöllisesti lyhyen aikavälin eläkemeno- ja maksutasoennusteita. Niiden päätarkoitus on määrittää kuluvaa vuotta seuraavan vuoden TyEL-maksun taso ja lisäksi arvioida maksettavat TyEL-MEL-eläkkeet sekä TyEL-maksun kehitystrendi viideksi vuodeksi eteenpäin.
Eläkkeellesiirtymisikä työeläkejärjestelmässä vuonna 2021Eläketurvakeskus
Eläkkeellesiirtymisikä vahvassa nousussa jo toista vuotta. Vuonna 2021 suomalaiset siirtyivät työeläkkeelle kuusi kuukautta edellisvuotta myöhemmin. Keskimäärin eläkkeelle jäätiin 62,4-vuotiaana. Puolet noususta selittyy eläkeiän nousulla ja puolet työkyvyttömyyseläkkeelle siirtyneiden määrän yllättävän suurella laskulla.
Pensioneringsåldern inom arbetspensionssystemet år 2021Eläketurvakeskus
Pensioneringsåldern i kraftig ökning redan andra året i rad. Under år 2021 gick finländarna i arbetspension sex månader senare än året innan. I snitt gick man i pension som 62,4-åring. Hälften av ökningen förklaras av höjningen av pensionsåldern och hälften av att antalet som gick i sjukpension sjönk överraskande mycket.
Eläkebarometri mittaa vuosittain suomalaisten eläketurvaan ja eläkkeisiin liittyviä käsityksiä. ETK:n eläkebarometrin 2021 toteutti Kantar TNS Oy.
Eläkebarometri-kysely tehtiin puhelinhaastatteluin toukokuussa 2021. Kyselyyn osallistui 1 003 iältään 18–79-vuotiasta suomalaista. Tutkimuksen virhemarginaali on noin 3 prosenttiyksikköä.
Taloudellinen varautuminen eläkeaikaan 05.05.2021Eläketurvakeskus
Vapaaehtoisen eläkesäästämisen suosio kasvaa – jo joka toinen suomalainen säästää eläkevuosia varten. Eläkesäästäminen on muita yleisempää yrittäjillä, miehillä ja 55–64-vuotiailla. Naiset ja työttömät kokevat muita useammin taloudelliset syyt esteeksi säästämiselle. Tiedot ilmenevät Eläketurvakeskuksen (ETK) uudesta tutkimuksesta.
Pensioneringsåldern inom arbetspensionssystemet 2020Eläketurvakeskus
Under år 2020 gick finländarna i arbetspension fem månader senare än året innan. I snitt går man i pension som 61,9-åring. I ålderspension gick 42 000 personer, vilket är något färre än året innan. Den fortsatta tiden i arbetslivet ökade de äldres sysselsättningsgrad till rekordhöjder.
Eläkkeellesiirtymisikä työeläkejärjestelmässä vuonna 2020Eläketurvakeskus
Vuonna 2020 suomalaiset siirtyivät työeläkkeelle viisi kuukautta edellisvuotta myöhemmin. Keskimäärin eläkkeelle jäätiin 61,9-vuotiaana. Vanhuuseläkkeelle siirtyi 42 000 henkilöä, hieman edellisvuotta vähemmän. Työssä jatkaminen nosti ikääntyneiden työllisyysasteen ennätyslukemiin.
Suomalaiset kokevat huolta erityisesti pienituloisten eläkeläisten toimeentulosta. Huolta herättävät myös kohtuuhintaisten sote-palvelujen saatavuus ja eläkeläisten tuloerot. Naiset kokevat eläkehuolia miehiä useammin, kertoo Eläketurvakeskuksen (ETK) tuore tutkimus.
Maailma muuttui, muuttuiko työeläkealan suunta?
Mikko Kautto, toimitusjohtaja
Työeläkepäivä 17.11.2020
Työeläkepäivä on vuosittainen tapahtuma työeläkealan ja sosiaalivakuuttamisen asiantuntijoille. Eläketurvakeskus järjestää Työeläkepäivän.
Työeläkejärjestelmä ja Suomen talouden kriisit: miten sopeutuminen on onnistunut?
Jaakko Kiander
Työeläkepäivä 17.11.2020
Työeläkepäivä on vuosittainen tapahtuma työeläkealan ja sosiaalivakuuttamisen asiantuntijoille. Eläketurvakeskus järjestää Työeläkepäivän.
Työeläkeindikaattorit antaa havainnollisen kuvan eläketurvan ja eläkkeiden rahoituksen kannalta keskeisten asioiden tilasta, toteutuneesta kehityksestä ja tulevan kehityksen arvioidusta kulusta.
Eläkebarometri kartoittaa suomalaisten eläketurvaa koskevan tiedon tuntemusta ja mielipiteitä eläketurvan toteutumisesta. Barometrista ilmenee, miten suomalaiset arvioivat pärjäävänsä taloudellisesti eläkkeellä ollessaan ja mikä on heidän luottamuksensa eläkejärjestelmään. Eläkebarometri perustuu puhelinhaastatteluihin.
Yrittäjistä 57 prosenttia kokee maksavansa itselleen riittävää eläketurvaa, kun taas 43 prosenttia kokee maksavansa itselleen liian vähän. Enemmistö yrittäjistä kuitenkin maksaa tuloihinsa nähden matalaa eläketurvaa, kertoo Eläketurvakeskuksen (ETK) tutkimus.
Enligt statistik från Pensionsskyddscentralen gick finländare i arbetspension i fjol i genomsnitt vid 61,5 års ålder, drygt två månader senare än år 2018. Antalet nya ålderspensionstagare var 44 500 personer, nära 10 procent färre än år 2018.
Eläketurvakeskuksen tilastojen mukaan suomalaiset jäivät työeläkkeelle viime vuonna keskimäärin 61,5-vuotiaana, runsaat kaksi kuukautta myöhemmin kuin vuonna 2018. Vanhuuseläkkeelle siirtyi 44 500 henkilöä, lähes 10 prosenttia vähemmän kuin vuonna 2018.
Russian anarchist and anti-war movement in the third year of full-scale warAntti Rautiainen
Anarchist group ANA Regensburg hosted my online-presentation on 16th of May 2024, in which I discussed tactics of anti-war activism in Russia, and reasons why the anti-war movement has not been able to make an impact to change the course of events yet. Cases of anarchists repressed for anti-war activities are presented, as well as strategies of support for political prisoners, and modest successes in supporting their struggles.
Thumbnail picture is by MediaZona, you may read their report on anti-war arson attacks in Russia here: https://en.zona.media/article/2022/10/13/burn-map
Links:
Autonomous Action
http://Avtonom.org
Anarchist Black Cross Moscow
http://Avtonom.org/abc
Solidarity Zone
https://t.me/solidarity_zone
Memorial
https://memopzk.org/, https://t.me/pzk_memorial
OVD-Info
https://en.ovdinfo.org/antiwar-ovd-info-guide
RosUznik
https://rosuznik.org/
Uznik Online
http://uznikonline.tilda.ws/
Russian Reader
https://therussianreader.com/
ABC Irkutsk
https://abc38.noblogs.org/
Send mail to prisoners from abroad:
http://Prisonmail.online
YouTube: https://youtu.be/c5nSOdU48O8
Spotify: https://podcasters.spotify.com/pod/show/libertarianlifecoach/episodes/Russian-anarchist-and-anti-war-movement-in-the-third-year-of-full-scale-war-e2k8ai4
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Many ways to support street children.pptxSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
What is the point of small housing associations.pptxPaul Smith
Given the small scale of housing associations and their relative high cost per home what is the point of them and how do we justify their continued existance
Up the Ratios Bylaws - a Comprehensive Process of Our Organizationuptheratios
Up the Ratios is a non-profit organization dedicated to bridging the gap in STEM education for underprivileged students by providing free, high-quality learning opportunities in robotics and other STEM fields. Our mission is to empower the next generation of innovators, thinkers, and problem-solvers by offering a range of educational programs that foster curiosity, creativity, and critical thinking.
At Up the Ratios, we believe that every student, regardless of their socio-economic background, should have access to the tools and knowledge needed to succeed in today's technology-driven world. To achieve this, we host a variety of free classes, workshops, summer camps, and live lectures tailored to students from underserved communities. Our programs are designed to be engaging and hands-on, allowing students to explore the exciting world of robotics and STEM through practical, real-world applications.
Our free classes cover fundamental concepts in robotics, coding, and engineering, providing students with a strong foundation in these critical areas. Through our interactive workshops, students can dive deeper into specific topics, working on projects that challenge them to apply what they've learned and think creatively. Our summer camps offer an immersive experience where students can collaborate on larger projects, develop their teamwork skills, and gain confidence in their abilities.
In addition to our local programs, Up the Ratios is committed to making a global impact. We take donations of new and gently used robotics parts, which we then distribute to students and educational institutions in other countries. These donations help ensure that young learners worldwide have the resources they need to explore and excel in STEM fields. By supporting education in this way, we aim to nurture a global community of future leaders and innovators.
Our live lectures feature guest speakers from various STEM disciplines, including engineers, scientists, and industry professionals who share their knowledge and experiences with our students. These lectures provide valuable insights into potential career paths and inspire students to pursue their passions in STEM.
Up the Ratios relies on the generosity of donors and volunteers to continue our work. Contributions of time, expertise, and financial support are crucial to sustaining our programs and expanding our reach. Whether you're an individual passionate about education, a professional in the STEM field, or a company looking to give back to the community, there are many ways to get involved and make a difference.
We are proud of the positive impact we've had on the lives of countless students, many of whom have gone on to pursue higher education and careers in STEM. By providing these young minds with the tools and opportunities they need to succeed, we are not only changing their futures but also contributing to the advancement of technology and innovation on a broader scale.
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
Effective retirement age in the earnings related pension system in 2021
1. Effective retirement age
in the earnings-related
pension system in 2021
www.etk.fi/statistics
Effective Retirement Age
2. |
Content
• Number of new retirees on an earnings-related pension
• Development of effective retirement age
• Employment
• Expected length of working life
9 Feb. 2022
Jari Kannisto | Finnish Centre for Pensions | 2
3. |
Drive to defer retirement monitored by means of
• Expected effective retirement age
– corresponds in principle to life expectancy
– describes average effective retirement age if retirement and mortality rates
remain unchanged at the level of the statistical year
– is unaffected by demographic age structure
• Employment rate of older people
• Expected length of working life
– depicts the number of years that a person at a certain age can be expected
to be in an employment relationship or work as a self-employed person
during their remaining life span
– based on a method that uses cross-sectional data on mortality risk rates,
labour force participation rates and employment rates
Jari Kannisto | Finnish Centre for Pensions | 3
9 Feb. 2022
4. |
Effective retirement age in 2021
• Expected effective retirement age
– 62.4 years (for 25-year-olds)
– 64.0 years (for 50-year-olds)
• Clear rise in effective retirement age
– 25-year-old’s expected effective retirement age was up by 0.5 years from 2020,
– 50-year-old’s expected effective retirement age was up by 0.2 years.
• New retirees numbered 61,500 - around the same number as in 2020, but
considerably below the level before the 2017 pension reform
– those born between 1 April and 31 December 1957 reached their retirement age (63
years and 9 months)
Jari Kannisto | Finnish Centre for Pensions | 4
9 Feb. 2022
5. |
New retirees on an earnings-related pension
2005–2021, by pension benefit
9 Feb. 2022
Jari Kannisto | Finnish Centre for Pensions | 5
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
90 000
2005 2007 2009 2011 2013 2015 2017 2019 2021
Persons
61,540 persons retired on an earnings-related pension in 2021 (excl. the partial old-age pension)
61,312 persons retired on an earnings-related pension in 2020 (excl. the partial old-age pension)
* The number of new retirees does not include people who retired on a part-time pension or a partial old-age pension.
Partial
old-age pension
Part-time pension
Special pension
for farmers’
Unemployment
pension
Disability
pension
Old-age pension
6. |
New retirees on an earnings-related pension, by age
Jari Kannisto | Finnish Centre for Pensions | 6
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
20 000
-54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69-
Persons
Age at onset of pension
2020 2021
9 Feb. 2022
7. |
New retirees on an earnings-related pension, by age
Jari Kannisto | Finnish Centre for Pensions | 7
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
20 000
22 000
24 000
26 000
-54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69-
Persons
Age at onset of pension
2007 2014 2021
9 Feb. 2022
8. |
New retirees on an earnings-related disability
pension in 2020 and 2021
Jari Kannisto | Finnish Centre for Pensions | 8
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 63
Persons
Age at onset of pension
2020 2021
9 Feb. 2022
10. |
New retirees on an earnings-related pension as a
proportion of all insured persons, 25–49-year-olds
Jari Kannisto | Finnish Centre for Pensions | 10
0.0
0.1
0.2
0.3
0.4
0.5
25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49
%
Age at end of statistical year
2019 2020 2021
9 Feb. 2022
11. |
New retirees on an earnings-related pension as a
proportion of all insured persons, 50–69-year-olds
Jari Kannisto | Finnish Centre for Pensions | 11
0
5
10
15
20
25
30
35
40
45
50
50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69
%
Age at end of statistical year
2019 2020 2021
9 Feb. 2022
12. |
Rising retirement age and changes to retirement
• In 2021, a total of 61,500 persons retired on an earnings-related pension
– up by 200 from 2020
– down by more than 14,000 persons compared to pre-reform level
– down by 3,400 persons from the level before the corona pandemic (2019)
– pension contingency down in particular among the 63-year-olds and younger
• 44,000 new retirees on an old-age pension
– up by 1,900 (4.6%) from 2020
– eligibility age for an old-age pension (63 years and 9 months) reached by those born
between 1 April and 31 December 1957
• 17,500 new retirees on an earnings-related disability pension
– down by 1,600 (8.4% from 2020 and 13.8% from 2019)
– 30% of the pensions started as partial pensions
• In 2021, around 13,000 persons chose to take out a partial old-age
pension
– same as in 2020
Jari Kannisto | Finnish Centre for Pensions | 12
9 Feb. 2022
13. |
Expected effective retirement age:
objective and realisation
Jari Kannisto | Finnish Centre for Pensions | 13
58
59
60
61
62
63
64
65
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026
Expected
Objective set
for 2025
62.4 years
The objective set in 2009 was reached in 2021.
Expected
effective
retirement age
for 25-year-olds
9 Feb. 2022
14. |
Outlook
• The 2005 and 2017 pension reforms have increased the effective retirement
age
– in recent years, raising the retirement age has deferred retirement and reduced the
number of new retirees on an old-age pension
– the number of new disability pension retirees has declined
– the total number of new retirees has declined significantly
• Future trends will depend on changes in behaviour
– intended retirement age has risen
– retirement decisions influenced by multiple factors
• Future trends will depend on economic outlook and changes in working life
• The exceptional times have probably reduced the number of new retirees.
⇒ The number of new retirees may go up considerably in 2022. It would be no surprise if
the numbers of new retirees on old-age pension and disability pension increased
clearly from 2021.
Jari Kannisto | Finnish Centre for Pensions | 14
9 Feb. 2022
15. |
Employment rates for the working-age population
(15–64 years), younger people (25–34 years) and older
people (55–64 years)
Jari Kannisto | Finnish Centre for Pensions | 15
Source: Official Statistics of Finland (OSF): Labour force survey, ISSN=1798-7830. Helsinki, Statistics Finland
9 Feb. 2022
0
10
20
30
40
50
60
70
80
2009 2011 2013 2015 2017 2019 2021
%
15–64 yrs 25–34 yrs 55–64 yrs
16. |
Employment rate for persons aged 55–64
Jari Kannisto | Finnish Centre for Pensions | 16
Source: Official Statistics of Finland (OSF): Labour force survey, ISSN=1798-7830. Helsinki, Statistics Finland
1 Feb 2022
0
10
20
30
40
50
60
70
80
2009 2011 2013 2015 2017 2019 2021 2009 2011 2013 2015 2017 2019 2021
%
55–59 years 60–64 years
Employment rates in 2021: 55–59-year-olds 79.4% and 60–64-year-olds 56.9%
Employment rates in 2020: 55–59-year-olds 77.9% and 60–64-year-olds 54.7%
17. |
Employment rates for persons aged 55–67
Jari Kannisto | Finnish Centre for Pensions | 17
0
10
20
30
40
50
60
70
80
90
55 56 57 58 59 60 61 62 63 64 65 66 67
%
2002 2007 2012 2017 2021
Source: Official Statistics of Finland (OSF): Labour force survey, ISSN=1798-7830. Helsinki, Statistics Finland
9 Feb. 2022
18. |
Unemployment rates for persons aged 55–64
Jari Kannisto | Finnish Centre for Pensions | 18
Source: Official Statistics of Finland (OSF): Labour force survey, ISSN=1798-7830. Helsinki, Statistics Finland
9 Feb. 2022
Employment rates in 2021: 55–59-year-olds 6.6% and 60–64-year-olds 8.6%
Employment rates in 2020: 55–59-year-olds 6.6% and 60–64-year-olds 7.9%
0
1
2
3
4
5
6
7
8
9
2009 2011 2013 2015 2017 2019 2021 2009 2011 2013 2015 2017 2019 2021
% 55–59 years 60–64 years
19. |
Average employment rates of 55–64-year-olds in
Nordic and EU countries in 2011-2020
9 Feb. 2022
Jari Kannisto | Finnish Centre for Pensions | 19
0
10
20
30
40
50
60
70
80
90
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
%
Iceland
Sweden
Norway
Denmark
Finland
EU27
Source: Eurostat, Employment, Labour Force Surveys
20. |
Strong employment trends among older people
(55–64-year-olds)
Jari Kannisto | Finnish Centre for Pensions | 20
• Employment rate took an upward turn again in 2021
– employment rate of working-age population in 2021 was 72.3% (up by 1.6 percentage
points from 2020)
– employment rate outlook of the older population has been favourable in the 2000s
– employment rate in age group 55–59 reached a statistical record-high at 79.4 per cent– up
by 1.5 percentage points from 2020
– employment rate of age group 60–64 was record-high at 56.9% – up by 2.2 percentage
points from 2020
• Employment rates for older people remained lower than in other Nordic
countries in 2020
– Denmark closest to Finland, 3.9% ahead
– EU15 countries lagging behind Finland by 7.9 percentage points
• Dip due to the corona pandemic had no significant impact on the employment
or unemployment rates of the older population
9 Feb. 2022
21. |
Expected length of working life for a 15-year-old
9 Feb. 2022
Jari Kannisto | Finnish Centre for Pensions | 21
0
5
10
15
20
25
30
35
40
2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021
Years
Expected labour force participation
Working life expectancy
22. |
Working life expectancy for a 15-year-old
9 Feb. 2022
Jari Kannisto | Finnish Centre for Pensions | 22
0
5
10
15
20
25
30
35
40
2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021
Years
Males Females
23. |
Length of working life in 2021
Jari Kannisto | Finnish Centre for Pensions | 23
• Expected labour force participation in 2021 was 39.0 years
– up by 0.9 years from 2020
– up by 4.0 years in the 2000s
– for men, up by 3.6 years in the 2000s
– for women, up by 4.3 years in the 2000s
• Working life expectancy in 2021 was 35.9 years
– up by 0.9 years from 2020
– up by 4.4 years in the 2000s
– 36 years for men (up by 3.6 years in the 2000s)
– 35.8 years for women (up by 5.2 years in the 2000s)
9 Feb. 2022