European countries increasingly cutting pension spending — newspaper

Detailed summary

The Daily Telegraph noted that UK Prime Minister Andy Burnham had proposed changing the annual pension indexation mechanism from 2030 by removing wage growth from the formula

LONDON, November 7. /TASS/. European governments are increasingly cutting pension spending, risking the loss of support from older voters, The Daily Telegraph reported.

The newspaper noted that UK Prime Minister Andy Burnham had proposed changing the annual pension indexation mechanism from 2030 by removing wage growth from the formula. Such measures could cost British pensioners £1,600 ($2,100) annually over the next 20 years.

Under pressure from the European Union to reduce its budget deficit, the Romanian government decided to freeze state pensions for two years starting in 2025. The newspaper added that French authorities had proposed limiting pension indexation to payments of up to €1,260 per month.

In the Czech Republic, the government has cut additional pension indexation linked to wage growth.

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