Page 13 - IDEA Study 3 2015 Duchodova studie

CHAPTER 1: DEMOGRAPHIC PATTERNS This chapter provides a comparison of the most important demographic patterns in the Czech Republic with other countries. First, we present an overview of the statutory retirement age in the Czech Republic and in the rest of Europe. Next, we compare the statutory retirement age to actual retirement decisions taken by respondents in the SHARE data. Statutory Retirement Age Table 1.1 (below) presents the statutory retirement ages in all the countries included in this analysis in 2009 and 2020, and as projected after the year 2020. The statutory retirement age varies across countries in the range 60 to 70 years of age: in most countries, the projected retirement age increases to 67 years or higher, depending on the evolution of life expectancy. A trend towards balancing the retirement age for both genders is apparent in all countries. It should be noted that the Czech Republic has one of the lowest retirement ages in both 2009 and 2020 (France and Sweden have flexible retirement ages, with higher actual retirement). The projected retirement age after 2020 converges for most countries, including the Czech Republic, at around the age of 67 years. TABLE 1.1 Retirement Age in Europe Retirement age in 2009 Retirement age in 2020 Further increases in retirement age after 2020 Area Country Men Women note Men Women note Men Women note Year N Denmark 65 65 66 66 67+ 67+ (a) N Netherlands 65 65 66+8m 66+8m 67+ 67+ (b) N Sweden 61-67 61-67 (c) 61-67 61-67 (c) W Austria 65 60 65 60 65 65 2033 W Belgium 65 65 65 65 W Germany 65 65 65+9m 65+9m 67 67 2029 W France 60-65 60-65 (d) 62-67 62-67 (d) S Italy 65+4m 60+4m 66+11m 66+11m 67+ 67+ (e) S Spain 65 65 65-66+4m 65-66+4m (d) 65-67 65-67 (d) 2027 E Hungary 62 62 64 64 65 65 2022 E Poland 65 60 67 62 67 67 2040 E Slovenia 63 61 65 65 CZ Czech Republic 62 56+8m-60+8m (f) 63+10m 60+6m-63+10m (f) 67+ 67+ (g) 2044 Source: Eurostat, Adequacy and Sustainability of Pensions (a) Adjusted to life expectancy gains every 5 years, starting 2030 (b) Adjusted to life expectancy gains every year, starting 2022 (c) Flexible retirement age linked to benefit level (d) If qualifying period completed - and if not completed (e) Linked to life expectancy (f) Depending on the number of children raised (g) Increased by 2 months annually until further amendments 11