The number of people in Finland retiring on an earnings-related pension increased by 16.3 per cent year-on-year to approximately 71,500 in 2022, according to the Finnish Centre for Pensions (ETK).

This increase was primarily driven by the rise in the number of people retiring on a full old-age pension, which in turn was driven by “exceptional” index increases.

Almost €28bn was paid out in old-age pensions in Finland last year, while total payouts from earnings-related pensions was €31.4bn.

The number of men and women who retired on an old-age pension was roughly the same, with around 27,000 of each gender retiring on an old-age pension.

New female retirees with an old-age pension received an average of €1,662, while male retirees received an average of €2,173.

Two-thirds of those who retired on an old-age pension in 2022 were 64 years old, while in 2021 nearly half were still 63, with the change attributed to an increase in the statutory retirement age.

“The rising retirement age also affects the number of people who retire on a disability pension, mainly those 60 years or older,” noted ETK statistician, Joonas Hautamäki.

“Musculoskeletal diseases are the leading cause for disability retirement for this group. It became the most common disease category for people who retired on a disability pension in 2022.”

Earnings-related pensions were received by just under 1.6 million people at the end of 2022.

Of that total, 1.3 million received an old age pension, with 760,000 being women and 630,000 being men.

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