Old-age pension

Last updated 9.10.2023

Employees have the right to retire on an old-age pension from the beginning of the calendar month following reaching the lowest old-age pension age. The amount of pension is the pension earned by the time of retirement. 

The employee’s minimum old-age retirement age is determined according to the year of birth as follows:

Year of birth	Retirement age
1954 and earlier	63 years
1955	63 years and 3 months
1956	63 years and 6 months
1957	63 years and 9 months
1958	64 years
1959	64 years and 3 months
1960	64 years and 6 months
1961	64 years and 9 months
1962-64	65 years

The lowest old-age retirement age for employees born in 1965 or later is adjusted to the change in life expectancy in accordance with sections 82 and 83 of the Pensions Act, and the age is confirmed by decree of the Ministry of Social Affairs and Health for the year in which the employee reaches the age of 62.

In other words, employees can continue working until the age of 68 if they so wish. Before this, the employer may terminate the employment relationship only on general grounds for dismissal. However, the employment relationship ends without notice or notice at the end of the calendar month during which an employee born in 1957 or before turns 68, an employee born between 1958 and 1961 turns 69, and an employee born in 1962 or later turns 70.

Retirement can also be postponed beyond the age of 68–70. This requires an agreement between the employee and the employer.