Pension payments remain a challenge for EU countries

When they reach retirement age, workers become dependent on the income represented by their pension. In the European Union countries, the highest allowance is in Luxembourg, where retirees receive €31,385. The lowest is in Bulgaria, where pensioners receive €3,611 annually.

The difference in amounts leaves open the door to debate about the quality of life of retirees, since in most cases they depend exclusively on their pension.

The most recent data from Eurostat and the OECD “show that this is a problem that knows no borders: the average pension in the EU was around €16,128 in 2022, which translates to €1,345 per month.”

Concentrating the data solely on the EU, as mentioned, the lowest pension is found in Bulgaria and the highest in Luxembourg, with allowances of €3,611 per year and €31,385 per year, respectively.

However, a broader analysis, including the candidate countries and those of the European Free Trade Association (EFTA), shows that “Albania is the country with the lowest retirement pension in Europe, at just €1,648 per year (€137 per month), a huge difference of more than €38,000 compared to Iceland, where it is close to €36,000 per year (€2,997 per month), according to the latest Eurostat data.”

Norway and Denmark, on the other hand, have pensions above 30,000 euros. In Sweden and Finland, the annual payment is 22,436 and 21,085 euros, respectively.

Other countries also considered are Turkey, 2,942 euros per year; Bosnia and Herzegovina, 3,041 euros per year; Serbia, 3,486 euros per year; Montenegro, 3,962 euros per year.

M.Pino

Source: eleconomista

(Reference image source: Immo Wegmann on Unsplash)

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