May Need To Raise Retirement Age

Commissions working on behalf of the Ministry of Finance and Economic Affairs  and pension funds are considering the implications of raising Iceland’s retirement age to 70, reports RÚV.

The average age of Icelanders is steadily growing as is life expectancy. Currently, 36.000 Icelanders are 67 or older and Statistics Iceland predicts that by 2060 this number will be up at 97.000.

If no action is taken each pensioner will be paid a smaller pension.