Reform

The government has now until the end of this year to complete its pension and healthcare reform plans.

Financial supervisor Cft did not seem too concerned yesterday about what comes down to a one-year delay, even though the clock is ticking for the sustainability of both systems.

Especially pension reform promises to be an interesting issue, because the advice is now to increase the retirement age to 65. Love it or oath it, that will have to happen to keep the system sustainable.

The question is whether the government will go for an abrupt increase from 60 to 65, or for a gradual change.

The reality is that people not only live longer – in general – they also live healthier. You are no longer seriously old when you turn 60, or even 65.

There will always be exceptions to that rule, but the generation that is now in, say, its early fifties will have to reckon that their pension horizon just moved five years further away from them.