The Danish Parliament has decided to gradually raise the retirement age from 67 to 70 by 2040, with 81 out of 179 lawmakers voting in favor of the measure.

Legislators believe this change is necessary to manage rising public expenses related to pension funding.

Since 2006, Copenhagen has reviewed the retirement age every five years based on the average life expectancy.

The new retirement age will apply to all individuals born after December 31, 1970.