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Swedish retirement age to increase to 68 as people are expected to work longer

Tuesday, 09 April 2013
The Swedish working scenarios is being designed such that people will be required to keep on working up until 68 years old.

This comes from study and proposal made by an advisory group working on proposing modalities of improving the Swedish pension time bomb.

As such Ingemar Eriksson, who has been working on the issue for the Swedish government requests that the retirement age limits for income and guarantee pension, should be increased. He also wants to move the retirement age up through a variable called rich age.

The problems has been that, given that life expectancy is increasing and that the elderly are healthier, it suggests that changes should be made to enables us to work longer into old age.

This applies not only age but also the environment and attitudes must change to enable more people to work longer, the report suggests.

The study wants to introduce a new concept of retirement which shall be applicable for the first time in 2019 and, according to estimates made now, workers would start getting retired from 66 years in 2019 and then gradually increase to 67 in 2022 and 68 years 2034.

A series of social insurance must be adjusted as a result, including sickness and unemployment.
Eriksson also proposes a number of measures to enable more people to work longer.
He wants to increase the opportunities for student aid for persons aged 45-57 years, including the possibility of 40 weeks of student loans for people between 55 and 57 years.

Eriksson suggests that income will not be charged until the age of 62 from 2015 and from the age of 63 in 2019 Today, income pension is drawn at 61 years.
The age limit for guaranteed pension is proposed increase from 65 to 66 in 2019.
by Team

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