Pension agreement ready for over two million Swedes

From January 1, 2028, payments to occupational pension ITP 1 will begin at age 24 instead of 25 and then continue until age 67 instead of 66, PTK writes on its website.

LO and PTK threatened at the beginning of October with a strike to raise the earning age.

"After long and sometimes difficult negotiations, we have agreed on new agreements. We have always been open to expanding the age range for payments to our collectively agreed pensions and insurances. The core issue has been how the increased costs should be handled," says Mattias Dahl, vice president of Swedish Enterprise in a press release.

LO's agreement secretary Veli-Pekka Säikkälä calls the agreement "a success".

"We are strengthening the collectively agreed pension for the union's members. But we have also brought about many other improvements that provide greater security in the event of illness or unemployment," he says.

The collectively agreed workers' compensation insurance TFA is also changing, where the deductible and the minimum payment limit are removed. At the same time, the collectively agreed parental allowance situation improves when changing employers.

Affected unions and their counterparts must now adopt the agreement, the process will only be completed when the affected parties have signed the agreement.