The retirement rates for 60 year-olds have decreased substantially in the last few years. Twenty-two percent of 60 year-olds who were working in September 2002 had retired one year on. Three years before, 32 percent had retired. Changes in pension regulations resulted in lower retirement rates for government employees in particular.
Slight fall in private and subsidised sectors
For companies and organisations in the private and the subsidised sectors retirement shows a first peak around the age of 60. This pattern has been visible for a number of years now, although it has been lower in recent years. Of the 60 year-olds who worked in the private and subsidised sectors in September 2002, 24 percent had stopped one year later. Three years previously, this was 28 percent.
Retirement in private and subsidised sectors
Sharp drop in retirement for government employees
The pattern of retirement from work for older employees differs between government (public administration and education) and the private sector. Up to 2002 many people retired from work at the age of 60; 45 percent of 60 year-olds who worked for the government had retired one year later.
Retirement in government sector
Changes in pension regulations in 2003
Retirement at the age of 60 dropped drastically in 2003. One of the reasons for this was new regulations concerning early retirement schemes and the pension fund for government employees. People who stayed in work after their 61st birthday receive an extra bonus when they do retire.
Government cutbacks push up retirement again in 2004
In some parts of public administration retirement rose again in 2004. The increase was for employees in central government and was caused by staff cutbacks in this sector. Some 1,500 government employees aged 57 years and older retired under a special early retirement scheme in 2004. The total number of government employees aged 55 years and older who retired from civil service thus came to 4,100. This is twice the number in 2003.