Portugal: The retirement age will increase to 66 years and 7 months in 2022
Labor and Employment Law Portugal
Ordinance n.º 53/2021, March 10th, was published today in the Portuguese Official Gazette (“Diário da República”), which updates the normal retirement age for access to old-age pension of the Social Security system to 66 years and 7 months in 2022.
This update is made in compliance with Decree-Law n.º 187/2007, May 10th, which foresees a gradual increase in the normal age for access to the old age pension of the general Social Security system in accordance with average life expectancy at 65 years of age, between the second and third year prior to the start of the old-age pension.
Ordinance n.º 53/2021, March 10th also sets the sustainability factor at 0.8446, to be applied for the calculation of anticipated old-age pensions to be attributed or converted in the year of 2021.
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