From 2004 to 2017, the average retirement age in Denmark increased by three years from just over 62 to more than 65 years.
That’s according to new data from life insurance experts Forsikring & Pension, writes leading Danish daily Politiken.
As a result of over 60s staying at work for longer, Denmark’s workforce has grown by 87,000 people, at a time when Danish companies are in desperate need of hiring more employees.
This delay in the retirement age is a key reason why the number of people in work in Denmark has reached record numbers: nearly three million.
“Many jobs have become less arduous, making it more feasible to continue into older age,” Michael Stores, economic adviser and professor of economics at the University of Aarhus, told Politiken.
“We’re also seeing a higher level of education in Danish society, and we know that the more education people recieve, the longer they wish to continue working.
Stores also pointed out that better health standards among Denmark’s older people is helping to extend their working life.
But financial experts are not yet convinced that an older Danish population won’t result in more people being dependent on state pensions and public assistance in future, as well as fewer people in work paying taxes.