FFE Magazine

Belgian central bank: ‘raise retirement Age’

by FFE EU News staff

 

The National Bank of Belgium (NBB) on Tuesday revealed a series of solutions that Belgium could adopt to ease the costs of an aging population.

 

NBB governor Luc Coene

NBB governor Luc Coene

 

NBB governor Luc Coene said that Belgium faces a problem as ‘people stop work too early on in life.’ He said that the cost of supporting an aging population is highest in Belgium out of all European countries.

 

To alleviate this cost, he outlined a number of radical solutions including:

 

  1. Increasing the retirement age
  2. Restricting those who can access dole accrue pension rights
  3. Lowering business taxes on labour
  4. Increasing sales tax VAT
  5. Lowering wage costs

 

The governor added that competitive business policies may attract more investors: ‘We must offer businesses a future. Otherwise they will stop investing in Belgium.’

 

NBB clarified that these solutions are merely possibilities and that it is up to the country’s politicians to act.

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