Finland - Pension scheme changes raise uncertainties - January 31, 2017

An extensive reform of the pension system applying from January 2017 has left many residents of the country confused. The country’s pension system is based on two complementary pension schemes: the public plan known as the national pension and a compulsory earnings-related pension scheme. The national pension provides a flat-rate benefit of up to 20 percent of average wages, with a minimum guaranteed income reduced by the amount of the earnings-related pension. The earnings-related pension is financed by contributions paid by both employers and employees and is the backbone of the pension system. From January 2017, the current retirement age of 63 years will be raised by 3 months annually, reaching an official retirement age of 65 years by 2027. After that, retirement age will be linked to life expectancy.

English: http://yle.fi/uutiset/osasto/news/incremental_retirement_age_hike ...  http://yle.fi/uutiset/osasto/news/when_can_i_retire_pension_scheme_changes ...  

For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) cbn-aias@uva.nl or the communications officer at the ETUI, Willy De Backer wdebacker@etui.org. For previous issues of the Collective bargaining newsletter please visit http://www.etui.org/E-Newsletters/Collective-bargaining-newsletter. Since June 2013 readers can consult our archive and search through all articles in our database at www.cbnarchive.euYou may find further information on the ETUI at www.etui.org, and on the AIAS at www.uva-aias.net.

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