Denmark’s Social Democratic party has recently voted to increase the retirement age to 70 by 2040, a move that will establish the highest retirement age in the European Union. This decision has sparked debate and raised concerns about the future of Danish pensions.

While the Social Democrats claim they have ample time to develop a new pension model before the next vote on retirement age adjustments, labor unions are urging for a faster resolution.

Henning Overgaard, chairman of 3F, voiced his concern, stating that waiting five years is unacceptable and that his union will push for a solution much sooner.

Prime Minister Mette Frederiksen has indicated that she believes there is sufficient time to find a new model, setting a five-year timeframe for its development.

The Social Democratic party has stated that this will be the last automatic increase in the retirement age that they will support. However, they have not yet specified what alternative solutions they propose for the future of Danish pensions.

It is worth noting that 3F, a prominent trade union, provided financial support to the Social Democratic party during the 2022 election year.