Opsat Pension

Since 1 July 2004 it has been possible to postpone payment of your state retirement pension. If you want to continue working after you are entitled to receive your state retirement pension, you can postpone it. In return, when you stop working, you will receive a higher pension rate for the rest of your life.
This report identifies the impacts of the postponed state retirement pension scheme on the supply of labour, as well as who is using the scheme and what makes these people use the scheme.
The study shows that the impact of the scheme on the supply of labour has been counteracted by the fact that the retirement age has been lowered from 67 years to 65 years in the same period. It also shows that job satisfaction is more important than financial incentives when elderly people decide whether they want to continue on the labour market.
The study is based on register-based impact measurements, as well as telephone interviews with 701 people who chose to use the scheme, and 689 people who did not. This survey was funded by the Ministry of Social Welfare.