Progressive Increase of Retirement Eligibility Age

The Finance Bill 2026, which will be examined in Parliament on July 28, 2026, proposes a major change regarding the retirement eligibility age. This legislative text provides for a gradual increase of the eligibility age to 65, replacing the Basic Retirement Pension (BRP) with the State Age Pension (SAP). This reform marks the end of retirement pensions at 60 years, a measure that has sparked various reactions in society.

The transition to the SAP means that individuals aged 60 before September 1, 2025, will continue to receive their current pension, although it will be renamed SAP. This change aims to adapt the pension system to the demographic and economic realities of the country.

The government justifies this reform by the need to ensure the sustainability of the retirement system in the face of increasing life expectancy. However, this decision has also been criticized by several stakeholders, who believe it could negatively impact those nearing retirement.

• Union Criticism: Several unions have expressed their dissatisfaction, arguing that the increase in the eligibility age could penalize workers in physically demanding professions.
• Political Reactions: Political opponents have also condemned this measure, labeling it as unfair to the most vulnerable in society.
• Economic Consequences: Some experts point out that this change could also have repercussions on the labor market, encouraging workers to remain active for longer.

While the government defends the long-term benefits of this reform, the public debate on pensions and their accessibility is far from over. Discussions surrounding the Finance Bill 2026 promise to be lively during the upcoming parliamentary sessions.

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