According to the Department of Labor, the revision of life expectancy does not change either the 2024 retirement age, which remains at 66 years and four months, or the early retirement sustainability factor in 2023.
The guarantee was provided by the Ministry of Labour, Solidarity and Welfare after the National Institute of Statistics (INE) published an update on Wednesday showing life expectancy over the three-year period 2020-2022. rises to 19.61 years after the age of 65 years – an indicator taken into account when calculating the sustainability coefficient for early retirement and at retirement age.
“The Government will not amend Decree No. 292/2022 of December 9 “Defines the normal age for old-age pension in 2024”, guaranteeing the stability of setting the appropriate coefficients for retirement. pension (retirement age) and for its calculation (sustainability factor and retirement age),” he said in response to Lusa, an official source in the ministry, headed by Ana Mendez Godinho.
Thus, the details of the same official source, “the sustainability factor in 2023 remains at 0.8617.” [13,8%] and the retirement age for 2024 remains at 66 years and 4 months.”
In data on published death tables, INE states that “life expectancy at age 65 in the period 2020-2022 was estimated at 19.61 years for the total population”, which compares with a published provisional figure in November that indicated that over For the three-year period under review, average life expectancy at age 65 was 19.30 years.
The indicator calculated annually by INE is used to determine the sustainability threshold for early retirement in the following year, as well as to calculate the retirement age in the following year.
Thus, based on the 19.30 years of average life expectancy at age 65 known at the end of 2022, it was determined by decree that in 2023 the sustainability factor would be set at 13.8% (compared to 14. 06% that were in force in 2022) and that in 2024 the retirement age will be 66 years and four months, which will remain the same as this year.
This age applies to persons who are not covered by the long insurance period regime, or to those who, at the age of 60, have at least 40 years of discounts and for whom the personal retirement age is calculated without penalty, depending on the insurance period.