It may come as little surprise that a country with the highest minimum wage in Europe had far and away the highest level of annual median equivalized net income for people aged 65 and over. Luxembourg pensioner median net income was followed by Austria and France. The lowest levels were recorded in Lithuania, Latvia, Bulgaria and Romania.
“Even after taking price differences into account, older people living in Luxembourg had incomes that were 6.5 times as high as those of older people living in Romania,” the report read.
Women earned more than men pre-pension
Across the EU, older women tended to have less income at their disposal than older men. In 2017, the annual median equivalised net income for men aged 55-64 years in the EU28 was 4.8% higher than for women of the same age, and was 12.2 % higher for people aged 65 years or more. But, Luxembourg bucks the trend, in the 55-64-year-old age bracket at least. According to the data, Luxembourg was one of six EU member states where the median equivalised net income of women aged 55-64 years was higher than that recorded for men of the same age in 2017. In the over-65s, men had consistently higher levels of income than women, including in Luxembourg.
How much did they get?
The report doesn’t say exactly how much was received although the social security minister revealed back in August that it varied widely depending on contributions, from €1,841.51 to €8,525.50. What the report does find is that across the EU pensions were valued at more than half the income received by people at the end of their careers. Luxembourg had the highest ratio at 0.86 of pre-retirement income. The lowest income to pre-pension earnings was recorded in Bulgaria (0.37) and Ireland (0.33).
Luxembourg pensioners and volunteering
Luxembourg was among the countries that recorded the highest levels of participation for formal voluntary activities among people aged 65-74, along with the Nordic member states, the Netherlands and Germany. It was a similar story for active citizenship, meaning participation in activities related to political groups, associations or parties, or signing a petition. The report reveals that the highest participation rates for people aged 65-74 years were recorded in Sweden, France, the Netherlands, the United Kingdom, Luxembourg and Finland.
Luxembourg pensioners are satisfied
Luxembourg had the third-highest levels of satisfaction among older people after Denmark and Finland. In Luxembourg, over 65s were more satisfied than all other age groups.