Finland's finance ministry proposes raising retirement age to 70
In short
Finland's Ministry of Finance has proposed raising the minimum retirement age to 70, according to a report titled “Trust in the Future”. The plan would increase the threshold by six months for each successive age group and forms part of a broader strategy for the coming parliamentary term. The ministry estimates the employment effect at roughly 50,000–120,000 workers.
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Finland's Ministry of Finance has proposed raising the minimum retirement age to 70, according to a report titled “Trust in the Future” presented by the ministry. Under the plan, the minimum retirement age would rise by six months for each successive age group until it reaches 70, which Kommersant and Vedomosti described as one of the options for reforming pensions. The proposal was put forward as part of the ministry's overall strategy for the coming parliamentary term. [ 1 , 2 , 3 , 4 ]
The ministry said the consequences of raising the retirement age would emerge gradually, with the full effect visible only in the long term. It estimates the employment impact at about 50,000–120,000 working people, and puts the preliminary effect of cancelling or substantially cutting the home care allowance at 10,000 working people. [ 3 ]
Vedomosti placed the Finnish proposal in a wider context, describing pension-age increases as a global trend driven by rising average life expectancy. It cited World Health Organization data putting global average life expectancy at 73.3 years in 2023, close to the pre-COVID level, and noted that Belarus, Latvia, Lithuania, Ukraine and Kazakhstan are among the post-Soviet states that have raised their pension ages. [ 3 ]
For comparison, Vedomosti reported that Russia's retirement age is in a transition period until 2028, following a decision taken in 2018. In 2026 the age is 64 for men and 59 for women, rising to 65 for men and 60 for women by 2028, the outlet said. [ 3 ]
The documents do not state whether the Finnish proposal has been adopted, nor when a higher retirement age would take effect. [ 1 , 2 , 3 , 4 ]
Why it matters
The proposal is part of the finance ministry's strategy for the upcoming parliamentary term, so it sets up a pension debate in Finland's parliament. The ministry estimates the employment effect at 50,000–120,000 workers, with the full effect appearing only in the long term. Vedomosti places the move within a wider trend of pension-age increases, noting similar decisions in Belarus, Latvia, Lithuania, Ukraine and Kazakhstan.
Key facts
- Finland's Ministry of Finance proposed raising the minimum retirement age to 70 in a report titled “Trust in the Future”. [ 2 , 3 , 4 ]
- Under the proposal, the minimum retirement age would rise by six months for each successive age group until it reaches 70. [ 2 , 3 ]
- The initiative was put forward as part of the ministry's overall strategy for the coming parliamentary term. [ 3 ]
- The ministry said the effects of raising the retirement age would appear gradually and the full effect would only be visible in the long term. [ 3 ]
- The ministry estimates the employment impact at about 50,000–120,000 working people, and the effect of cancelling or substantially cutting the home care allowance at a preliminary 10,000 working people. [ 3 ]
- Russia's retirement age is in a transition period until 2028: 64 for men and 59 for women in 2026, rising to 65 and 60 by 2028. [ 3 ]
- Vedomosti describes raising the retirement age as a global trend linked to rising average life expectancy, citing WHO data of 73.3 years in 2023. [ 3 ]
Confirmed by several sources
Still unclear
- Whether the proposal will be adopted and when any new retirement age would take effect. The documents describe a proposal and a discussion item; they do not say a decision has been made or give an effective date.
- What parliamentary timetable the reform would follow. Only one document (Vedomosti) links the proposal to the coming parliamentary term's strategy, and it gives no schedule.
What local media are saying
Timeline, local time
- RIA Novosti reports that Finland's finance ministry proposed raising the retirement age to 70. [ 1 ]
- Kommersant reports the reform would raise the minimum retirement age gradually by six months for each age group. [ 2 ]
- Vedomosti publishes details from the ministry's “Trust in the Future” report, including employment estimates and the link to the coming parliamentary term. [ 3 ]
- RBC reports the finance ministry's proposal to gradually raise the retirement age to 70. [ 4 ]