‘Frexit, quickly!’ EU proposes changes to retirement age to as high as 74-years-old

Martin Lewis discusses state pension underpayments

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In the latest report published by the European Commission, the bloc suggests that as the life expectancy of European citizens increases year on year, the retirement age will eventually reach 67 for men in France, 71 in Italy and up to a staggering 74 in Denmark.

The report sparked the fury of eurosceptics in France calling for their country to leave the EU as soon as possible.

Leader of Les Patriotes, Florian Philippot, said: “Page 58 of this report published in May by the European Commission, the postponement to 67 years is requested of the retirement age in France.

“And even 70 years in Italy!

“The EU is that!

“And it will never be anything other than a machine to destroy peoples! Frexit quickly!”

Echoing his concerns, Generation Frexit leader Charles-Henri Gallois tweeted a list of EU countries with the Commission’s prediction for their respective retirement age in 2070, adding: “Social Europe according to the EU!

“Do you want more?”

The report reads: “By 2070, the average age at which people exit the labour market in the EU would increase by 1.6 years for men and by 1.8 years for women.

“This is due to legislated increases in the retirement age to specific levels or to the fact that countries have introduced a link between retirement ages and life expectancy in their pension system.

“The estimated duration of retirement in the EU shows that current pension legislation entails about four additional years of retirement by 2070.

“Not surprisingly, in those member states that have legislated a link to life expectancy, the duration of retirement increases less.

“For people retiring in 2070, retirement would last roughly 2 years less in these countries than the EU average.”

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Reacting to the report, French citizens took to Twitter to express their outrage.

One Twitter user said: “What is the life expectancy for someone who works until the age of 74? These people are crazy.”

And another: “Those who pass this law have never worked hard jobs and do not pay taxes. Because they manage to tax even the morning coffee bill.”

Someone else said: “Quickly get out of Europe.”

The report was was prepared as part of the mandate the Economic and Financial Affairs (ECOFIN) Council gave to the Economic Policy Committee (EPC) in 2018 to update and further deepen its common exercise of age-related expenditure projections, on the basis of a new population projection by Eurostat.

It adds: “The Ageing Report projections feed into a range of policy debates and processes at EU level.

“In particular, they are used in the context of the coordination of economic policies to identify relevant policy challenges and options (in the context of the European Semester, so as to identify policy challenges, and as part of the Stability and Growth Pact, among others, in setting the medium-term budgetary objectives (MTOs) and in the annual assessment of the sustainability of public finances).

“In addition, the projections support the analysis of the macroeconomic impact of population ageing, including on the labour market and potential economic growth.”

It continues: “The projections for pensions were run by the Member States using their own national model(s), reflecting current pension legislation.

“In this way, the projections benefit from capturing the country-specific circumstances prevailing in the different Member States as a result of different pension legislation, while at the same time ensuring consistency by basing the projections on commonly agreed underlying assumptions.”

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