Raising retirement age to 66 brings 100 million in savings for government
The increase in Belgium’s statutory retirement age to 66 has led to around 22,000 fewer people retiring in the first five months of the year compared with the same period in 2024. According to calculations by the Federal Pensions Service, requested by De Tijd, this has resulted in 100 million euros less in pension expenditure.
The statutory retirement age was raised from 65 to 66 at the start of this year, a change stemming from a 2014 decision by the Michel government. A further increase to 67 is scheduled for 2030. The last Belgians able to retire at 65 were those who reached that age in December 2024, allowing them to retire on 1 January 2025. Anyone turning 65 in January 2025 must wait until February 2026, when they turn 66.
This shift has had a marked impact on the figures, according to the Federal Pensions Service. "From February (the month in which the measure takes effect, ed.) through April, 60 per cent fewer people retired than in the same period in 2024," said spokesperson Vik Beullens. In total, some 22,000 fewer people retired in the first five months of this year. "Assuming an average pension of 1,850 euros per month, this represents a total (cumulative) saving of 100 million euros between February and May."
© PHOTO BARBARA SAX / AFP
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