Starting in 2024, the retirement age for women in Austria will be equalized. But the longer working hours will also mean a higher pension later.
The government decided to increase the retirement age for all women in the National Council session on February 1. Starting in 2024, women will gradually have to work longer until they can retire. In return, they will receive a higher pension later.
According to the government’s roadmap, the adjustment to the retirement age for men at 65 will take place over the next ten years. The pension insurance institution expects a pension increase of around 260 euros. The measure is also intended to cushion the shortage of skilled workers.
The government’s plan will keep tens of thousands of women in the labour market longer, starting with just under 80,000 women born in 1964, who will have to work half a year longer. Those born in 1967 will have to work three and a half years longer, reports “Ö1-Mittagsjournal.”
However, the Chamber of Labor warns against increasing the proportion of women without work when they retire. Indeed, at present, 40 percent of women who retire are not employed. Companies must therefore prepare themselves.
As Gundi Wentner from the management consulting firm Deloitte explains, many companies are not aware that women will remain longer in the workforce in the future. Nine out of ten companies also do not deal with employees over 50.
She, therefore, calls for further training opportunities. “But that can also be changes to the workplace, taking advantage of other opportunities in the company or different working time models,” says Wentner.
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