The Dutch government will increase the retirement age, provide more flexibility around retirement and suspend contribution holidays in a new deal with employer and employee unions.
The sweeping reforms will increase the pension age from 65 today to 66 in 2020 and 67 in 2025. Meanwhile, there will be more flexibility around when to retire with individuals being allowed to continue working past 65, with every year they continue to work resulting in an increase in pension of 6.5%.
Gert Kloosterboer, spokesman at the Dutch Association of Industry-Wide Pension Funds (VB) said: "We're rather pleased this agreement is here. I think it can help the system be more sustainable in the future. We think what's on the table offers solutions for people living longer and solutions for the shocks of the financial markets."
For more: Netherlands push through sweeping pension reforms
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