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Half of older Icelanders are still working

Older Icelanders enjoy working and do so for longer than other older people in the Nordic region, the Baltics and the UK. Being active in the labour market is highly valued among the Icelandic.
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Active older people
  • There are just over 33,800 older people (67+) in Iceland. Just over half of those between 65 and 70 are in work. 
  • 18 percent of 55 to 74 year olds who work also attend in-service training every year, while 25 percent of 25 to 64 year olds do the same, according to Eurostat. 
  • Publicly funded in-service training offers various courses, seminars and conferences. The training is only for people with lower education.
  • Older people are allowed to study at Iceland’s universities. 475 people between 65 and 74 are currently enrolled at the University of Iceland, making up 3 percent of the university’s total student population.
Pensions
  • Until the age of 70, people pay eight percent of their salaries into a pension fund managed by representatives from employers and trade unions. Those who manage to pay two percent into a private pension fund will have that matched by their employer. People can start drawing on their pension money when they turn 60. 
  • State pensions can be drawn from the age of 67, except in cases of early retirement. The minimum state pension is ISK 203,000 (€1,250) a month. 
  • Older people are allowed tax free extra incomes to the tune of ISK 140,000 (€860) a year. Any extra earnings above that will reduce their pension payments. Anyone earning 100 kronor from such work loose 100 kronor off their pension and/or their state benefits. This was not the case before the finance crash. Older people also pay higher taxes.
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