In Italy, the "normal" future retirement age requirement is among the highest at 71 years of age, as are Denmark (74 years), Estonia (71 years) and the Netherlands (71 years), against an OECD average 66 years for the generation that is now entering the labor market.
This is what we read in the OECD report "A look at pensions" which outlines the current and future state of the various systems, underlining that the introduction in 1995 of the notional defined-contribution pension scheme that adjusts benefits to life expectancy and economic growth will only be fully effective around 2040.
Currently, thanks to all the different options available to retire before the statutory retirement age, they lower the average age of exit from the labor market, equal to an average of 61.8 years against the 63.1 years of the OECD average.
"The granting of relatively high benefits to young retirees puts Italy's public pension expenditure in second place among the highest in OECD countries, equal to 15.4% of GDP in 2019.
