In Finland, older workers are given higher accrual rates. Austria, France, Germany and Portugal increased the benefit reductions for early retirement and increments for late retirement. Large decreases in the take up ratio of pensions are furthermore projected in Hungary, Poland, Czech Republic, Italy and Slovenia. In Luxembourg, pensions are increased beyond two thresholds related to age and the length of the career, respectively.
Our estimates suggest, however, that savings have remained high in recent months too, both for precautionary reasons, linked to a decline in disposable income and to fears of job losses, and as a result of the persistent risk of infection and the consequent health concerns, which discourage certain types of consumption, especially relating to travel, tourism and leisure activities.