The Finnish Pension System and Its Future Challenges

Abstract

A specific feature in the Finnish pension system is rule-based preparation for mortality change. The earned pension capital is adjusted to life expectancy and the lowest age limit of the flexible retirement age will be adapted so that the ratio of expected years in employment and retirement is fixed after year 2030.

Pension and Active Ageing: Lessons Learned from Civil Servants in Indonesia

“…Yet, the main challenge for the pension system is also its ageing population. One of the solutions is to raise retirement age-to shorten the span of time to provide the payout and lengthen the span of time that the older people can still contribute to the economy and tax revenue (Valkonen 2020). Similarly, Latulippe and Turner (2019) recommended raising retirement age for United States and Canada.…”

A review of existing pension services in developed and developing countries

“…Citizens of the Republic of Uzbekistan, as well as international and stateless citizens permanently residing in the territory of the Republic of Uzbekistan have the right to accumulative pension provision. The state guarantees the safety and payment of funds accumulated in individual accumulative pension accounts to citizens participating in this pension pension system [57,58].…”

The Finnish pension system from a comparative Nordic perspective

“…A part of the employers' contributions for the earning-related scheme was transferred to employees, and it was decided that the future increases in contributions would be paid on a 50/50 basis. The incidence of the employers' contribution rates had mainly been based on wages because they were agreed upon by the labour market parties; but this reform further intensified the responsibilities of the labour unions (Valkonen, 2020). The higher accrual rate and lower retirement age of the public sector pension schemes were abolished in the new employment contracts.…”