The ordinance that sets the retirement age in 2025 at 66 years and seven months, an increase of three months compared to 2024, was published today in Diário da República (DR).
“The normal age for access to the old-age pension of the general social security regime in 2024, in accordance with the provisions of paragraph 3 of article 20 of Decree-Law no. 187/2007, of 10 May, in its current wording is 66 years and 7 months”, reads decree no. 414/2023, signed by the Minister of Labor, Solidarity and Social Security, Ana Mendes Godinho, and which takes effect from January 01, 2024.
Still under the terms of the diploma, “the sustainability factor to be applied, in accordance with the provisions of article 35 of Decree-Law no. 187/2007, of May 10, in its current wording, to the statutory amount of pensions old age of the general social security regime is 0,8420”.
The sustainability factor used to calculate old-age pensions under the general Social Security regime takes into account the evolution of average life expectancy at age 65 between the year 2000 and the year before the pension began.
According to the provisional estimate of average life expectancy at age 65 for the three-year period 2021-2023, released on November 29th by the National Statistics Institute (INE), this value was estimated at 19,75 years, which corresponds to an increase of 0,14 years (1,68 months) compared to the previous three-year period (19,61 years in 2020-2022).
“Having been calculated and published by the National Statistics Institute the indicator of average life expectancy at 65 years of age for the year 2023, the Government is in a position to determine the sustainability factor to be in force during the year 2024, as well as the normal age for accessing the old-age pension to be in force in 2025”, reads the ordinance published today.
The 66 years and seven months set as the retirement age in 2025 exceeds the value in 2024 by three months, the year in which the retirement age remained unchanged compared to 2023, at 66 years and four months.
In 2023, there was a three-month decline compared to the age set for 2022, something unprecedented since the retirement age became associated with average life expectancy.
Both the reduction in 2023 and the maintenance of the age for 2024 are associated with the decline in average life expectancy due to mortality associated with the covid-19 pandemic and its incidence among the older population.
The provisional value of life expectancy at age 65, calculated annually by INE, is released in November and serves as a reference for the purposes of determining the normal age for access to the old-age pension, and what has now been known does not yet incorporate the estimates resident population magazines resulting from the definitive results of the 2021 Census.
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