Portugal: Retirement age increases to 66 years and 7 months in 2025

Ordinance no. 414/2023, of December 7 was published in Official Gazette, increasing to 66 years and 7 months the standard age to access retirement pension in the Portuguese general social security system in 2025.

This measure is a consequence of the applicable rules laid down in Decree-law no. 187/2007, of May 10, that establish that the standard age to access retirement pension in the Social Security general system is defined considering the average life expectancy at 65 years old in the second and third years prior to the beginning of the pension.

Ordinance no. 414/2023, of December 7, which comes into force on January 1, 2024, also updated the sustainability factor to 0,8420, to be applicable when calculating retirement pensions’ amount, when such pensions are granted or converted.