Workers who retire early in 2021 will have a 15,5% penalty on the pension due to the sustainability factor, according to the provisional estimate of life expectancy at 65 today released by INE.
According to the National Statistics Institute (INE), in the 2018-2020 three-year period the provisional estimate of life expectancy at 65 "was 19,69 years".
In light of the rules in force and, taking into account life expectancy at 65 in the three-year period ended in 2000 (which was 16,63 years), the rise in average life expectancy will dictate a 15,5% cut in early pensions in 2021, according to Lusa agency calculations.
This 15,5% cut due to the sustainability factor compares with the 15,2% penalty applied to this year's early retirements.
The sustainability factor is calculated based on the average life expectancy and has the dual function of determining the legal age for accessing retirement and the cut applied to those who do not wait for this age or their personal age to claim a pension and retire in advance.
In 2021 the legal retirement age will be 66 years and six months - one month more than in 2020.
Over the past few years, several measures have been taken to eliminate the penalty imposed by the sustainability factor on access to retirement before the legal age.
In this case, there are people with very long contributory careers and those linked to fast-wearing professions.
The sustainability factor is also not applied in the calculation of pensions for people who at least 60 years old had at least 40 discounts. However, workers in this situation have a monthly penalty of 0,5% for each month in advance in view of the legal age to retire, which is determined according to the contributory career, and may be different from the one fixed according to the average hope of life.
In the information released today, INE points out that although the provisional estimate of life expectancy at 65 years of age maintains the upward trend that has been observed, progress in the last three years has been attenuated.
“In fact, in the 2018-2020 period, that estimate was 19,69 years, having been estimated in the previous two years to be 19,61 years (2017-2019) and 19,49 years (2016-2018)”, points out the national statistical authority .