Faroe Islands proposes gradual increase in retirement age from 68 to 70 years

Under the current public pension law in the Faroe Islands, the retirement age is set to follow the trends in the life expectancy of its citizens. However, it is also stipulated that any increases in the retirement age must be submitted to the Parliament for consideration.

Today, the Ministry of Social Affairs and Culture has submitted a proposal for review that indicates a gradual increase in the retirement age from 68 to 70 years between 2035 and 2042.

The purpose of the proposal is to improve the sustainability of the Faroese economy and to ensure that the welfare society can be maintained and developed in the future, according to the Ministry.

The aim is to achieve a broad political consensus regarding the retirement age. Political negotiations are currently ongoing among the parties, but no agreement has been reached yet, and discussions will continue, the Ministry has stated.

You can view the proposal here.