Retirement of employees in selected countries

The specific retirement legislation varies from country to country, but it generally covers a few key areas. One of the most important aspects of retirement legislation is the age at which employees become eligible for retirement benefits. The other important aspect is the number of quarters required for retirement benefits.

 

The legal retirement age is the age at which an individual can start receiving retirement benefits, such as a pension or social security payments. The legal retirement age can be different from the age at which an individual becomes eligible for retirement benefits, and it can vary depending on factors such as the individual's birth year or the retirement system in place.

 

The number of quarters required for retirement benefits, on the other hand, refers to the minimum number of quarters, credits, or years of contributions that an individual must have in order to be eligible for retirement benefits (partial or full). This requirement can vary depending on the retirement system in place, the country, and the type of retirement benefits being considered.

 

In many countries, benefits are generally financed by payroll taxes paid by both employers and employees. In addition to social security, many countries also have private retirement plans, such as pensions, to which employees can contribute throughout their careers. These schemes can be structured in different ways and the specifics depend on the country.

 

Retirement legislation also governs the rights and protections afforded to employees who are approaching or have reached retirement age (specific provisions concerning discrimination, procedure of termination to be respected, retirement, indemnity, etc.). 

 

One challenge that many countries are facing as their populations age is the sustainability of their retirement systems. Some countries have responded to this challenge by raising the retirement age or making other changes to their retirement systems, while others have implemented more drastic reforms.