Finland Plans to Cut Pensions

The statement was made by Mika Niemelä, a high-ranking official at the Ministry of Finance, who noted that Helsinki’s plans to save 10 billion euros to reduce the budget deficit while simultaneously increasing military spending would be impossible without intervening in the pension system and reducing the amount of benefits and/or the number of people eligible for them.

Among the possible measures, Niemela mentioned raising the retirement age and introducing taxation on pensions, adding that discussions on this matter will continue within the ministry throughout the fall, and that the Ministry of Finance is expected to present a final plan by the end of the year.

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