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Straits Times
2 days ago
- Business
- Straits Times
Mirxes, Singapore's billion-dollar biotech firm led by life sciences scholar Zhou Lihan, lists in Hong Kong
Mirxes CEO Dr Zhou Lihan, his wife Yeap Su Phing, parents and two children at the Hong Kong Stock Exchange in Central after the Singapore biotech firm launched its IPO on May 23. PHOTO: MIRXES – Singapore has produced its first billion-dollar biotechnology start-up, 25 years after it began formally building its life sciences industry. Mirxes, which invented and produces the world's first blood test kit to detect early stage gastric cancer, is helmed by Dr Zhou Lihan, a naturalised Singaporean from the country's maiden batch of life sciences graduates. He arrived on the Lion City's shores as a wide-eyed 15-year-old PRC (People's Republic of China) scholar, navigating life and studies in a foreign country. Today, the 42-year-old is chief executive officer and co-founder of Mirxes (pronounced 'm'raek'sis'). It is the first South-east Asian biotech start-up to achieve a valuation of more than US$1 billion (S$1.29 billion), when on May 23 it launched its initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX). The company's market capitalisation is HK$8.29 billion, or US$1.06 billion. It has been trading around HK$30 per share, up 28 per cent from its listing price of HK$23.30. It is also South-east Asia's first biotech firm to list on HKEX. The microRNA-based cancer-detection start-up, which was spun out of Singapore's public sector R&D agency A*Star in 2014, has yet to become a household name in the country. But it is already a big player in the regional biotech industry. Now, the company has reached a critical level in its development where it can build on its success only by leveraging on an expansive fund-raising platform with a mature base of investors familiar with the industry. That is why, instead of listing in Singapore, Mirxes opted to do so first in Hong Kong, Dr Zhou told The Straits Times. He does not, however, discount the possibility of Mirxes listing in Singapore eventually. Dr Zhou's life story in the Republic tracks closely with some of the country's strategic economic policies over the years. 'I left China in 1998 after learning, through the Suzhou-Singapore Industrial Park project, about the opportunity to take on a scholarship to come to Singapore,' the Suzhou-born Dr Zhou told ST in an unmistakably Singaporean accent. Dr Zhou (second from left) with his fellow PRC scholars studying in Singapore's Anglican High School in 1998. PHOTO: COURTESY OF ZHOU LIHAN The project was launched in 1994 for China to adapt the Republic's development experiences to its own context, and for Singapore to develop an external wing to its economy. The PRC scholarship system is a Singapore Government-sponsored scheme for top Chinese teenage students since the 1990s, aimed at having them eventually contribute to economic development and potentially set down roots in the country . Finding love at NUS After going through the local education system at Anglican High School and Temasek Junior College, Dr Zhou enrolled at the National University of Singapore (NUS) in 2003, among the first batch of life sciences students. The life sciences programme was introduced as part of a government initiative in 2000 to develop the Republic into a regional biomedical hub. 'Because I spent most of my formative years in Singapore, all my friends and family are in Singapore. I even met my wife in NUS on shuttle bus A2, heading from the arts faculty to (university hostel) Prince George's Park,' Dr Zhou recalled with a laugh. Dr Zhou (top row, second from left), with Associate Professor Too Heng-Phon (far right) and fellow researchers from Prof Too's lab during their university days in 2008. PHOTO: COURTESY OF ZHOU LIHAN His wife, a Malaysian-born Singaporean, was an NUS arts student whom he got to know better in the students' union , he explained. They have a son and a daughter, aged eight and three, respectively. The family, including Dr Zhou's parents who have also moved from Suzhou to Singapore , were at HKEX in the central business district to witness Mirxes' IPO launch on May 23. Mirxes' history dates back to Dr Zhou's days at NUS, where he obtained his PhD in biochemistry and molecular biology at the Yong Loo Lin School of Medicine in 2012. During his PhD studies, he, fellow scientist Zou Ruiyang and their mentor, Associate Professor Too Heng-Phon, developed the technology to detect microRNA (micro ribonucleic acid), the smallest genetic material ever found in living things. Dr Zhou with his mentor, Prof Too, on his graduation day in 2007. PHOTO: COURTESY OF ZHOU LIHAN Their research, which the trio took with them to A*Star when they joined the agency in 2010, proved so ground-breaking that they set up an enterprise three years later with the agency's support and a government grant to commercialise their technology. Thus, Mirxes was born: a three-person start-up with Dr Zhou as CEO, Dr Zou as chief technology officer, and Prof Too as chief scientific adviser, aimed at developing an accurate, affordable and easily accessible early detection system for various cancers and other diseases. In the decade since, Mirxes has grown into a 350-strong company with a presence in China, Japan, Malaysia, the Philippines and the United States, and partnerships with global biotech giants including Johnson & Johnson and Pfizer. Dr Zhou (left) and Mirxes' co-founder, Dr Zou Ruiyang, at the biotech startup in the initial years after it spun off from A*Star. PHOTO: MIRXES The firm's flagship invention, GastroClear, in 2019 became the world's first molecular blood test approved for early detection of gastric cancer in high-risk populations. It was developed in close collaboration with the Singapore Gastric Cancer Consortium. The test – available in Singapore for less than $150 at public hospitals or around $250 in private clinics – is less expensive and invasive than an endoscopy, the traditional diagnostic procedure for stomach cancer, which can cost between $400 and $3,000. GastroClear has an 87 per cent accuracy, better than any other blood-based tests for the detection of gastric cancer. Patients who test positive are recommended to undergo an endoscopy for more specific results. The test is less expensive and invasive than an endoscopy, the traditional diagnostic procedure for stomach cancer, which can cost between $400 and $3,000. PHOTO: NATIONAL UNIVERSITY HEALTH SYSTEM Listing in Hong Kong Months of careful consideration preceded Mirxes' decision to list in Hong Kong over Singapore. Ultimately, it came down to two key factors. 'Firstly, our flagship product GastroClear is focused on stomach cancer, a very Asian disease,' Dr Zhou said. 'China alone accounts for half of all stomach cancer cases worldwide.' The Hong Kong platform provides a gateway into mainland China, the biggest market not just for stomach cancer tests, but also for the scale and speed of cancer clinical trials to accelerate the firm's research and development efforts. 'So listing in (the Chinese territory of) Hong Kong makes sense, because the investors here will understand our product's value to them.' Secondly, he added, HKEX's dedicated biotech listing regime has built up an investor base that 'understands how to look at biotech firms' financials without getting scared off'. Mirxes is still in the red, reporting net losses exceeding US$92 million for 2024 – 30 per cent more than the previous year. It is already generating revenue, although the US$20 million it reported for 2024 is a 16 per cent drop from that in 2023. 'People get worried that Mirxes is losing money,' Dr Zhou said. 'But if we want to be competitive globally, we have to invest in R&D and innovation. But that's something that our South-east Asian investor base is not yet familiar with.' HKEX's investors, on the other hand, are no strangers to promising yet still-loss-making start-ups. Hong Kong in 2018 started allowing yet-to-be-profitable biotech firms to list on its main board under the exchange's Chapter 18A regulations, to attract companies in cutting-edge industries. Since then, more than 70 such firms – which would otherwise not have qualified to list – have launched their IPOs in the city, gaining access to much-needed funds to grow their fledgling technologies and innovations . Mirxes CEO Dr Zhou Lihan (right) with a Hong Kong Stock Exchange representative at the IPO ceremony in Hong Kong on May 23. PHOTO: MIRXES The 18A rules recognise these start-ups' potential for growth, granting them access to capital as long as they have one core product past the concept phase, HK$1.5 billion in expected market value, and two years of financial records, among other criteria. In Asia, biotech start-ups that have yet to bring in revenue can also choose to list on subsidiary boards that cater to such firms, like China's ChiNext, Singapore's Catalist and Korea's Kosdaq. But the drawbacks include lower trading volumes and hence lower funding , and less visibility . Rebuilding ties in China HKEX's listing reforms, like Chapter 18A, have over the years opened new pathways for a broader range of companies around the world to raise funds in the city. It is on track to be the world's top IPO destination by the end of 2025, according to Swiss investment bank UBS. Its IPO market has raised HK$76 billion so far in 2025, more than seven times that in the same period a year ago, Financial Secretary Paul Chan said on May 25. The city is further cementing its status as a leading fund-raising hub for the tech and biotech sectors. In early May, it set up a scheme to streamline the IPO process for such firms, offering them 'a more efficient pathway' to listing and allowing them to file confidentially to avoid drawing competitors' attention. But some companies seeking a Hong Kong listing may still face a lengthy approval process from the China Securities Regulatory Commission, under rules introduced in March 2023 that also pertain to firms with principal business operations in mainland China. Mirxes, which has laboratories in Hangzhou, filed to list in Hong Kong in July 2023. One of Mirxes' laboratories in Singapore. It has a presence in China, Japan, Malaysia, the Philippines and the United States. PHOTO: MIRXES Dr Zhou said that while his China background is 'definitely helpful' in bringing Mirxes to the world's second-biggest economy, 'honestly, I had to rebuild all my connections there as I had left China as a secondary school student'. These days, he is a 'weekend dad', travelling around mainland China, Hong Kong and South-east Asia for work and seeing his family in Singapore only on weekends. 'Most people – my parents included – will not be able to fully comprehend the technical details of what we do at Mirxes,' Dr Zhou said. The firm will allocate some of its IPO funds to promote awareness and the use of GastroClear in China and South-east Asia. The cash will also fund ongoing research into its colorectal and multi-cancer detection tests, among other plans. Reflecting on Mirxes' journey from fledgling start-up to IPO, Dr Zhou said the listing 'would not have been possible without the Singapore Government's strong support and consistent investment in life sciences over the years'. 'It proves a point that our Singapore technologies and companies are as good, if not better, than others,' he said. 'But we tend to be a little too humble, and not as patient .' The vibrant ecosystem of biotech firms in Boston or San Francisco, for example, was built up over 50 years, the CEO noted. 'In Singapore, we started only some 20 years ago … We are reaching a point where we should see more companies like Mirxes taking their next steps .' Dr Zhou hopes Mirxes' IPO will go a long way in enhancing the company's global credibility. 'If the public sees that this biotech firm has been vetted, has gone public, and everything about it is transparent and fully disclosed, that will add a layer of trust,' he said. 'And in the healthcare business, trust is very important.' Magdalene Fung is The Straits Times' Hong Kong correspondent. She is a Singaporean who has spent about a decade living and working in Hong Kong. Join ST's Telegram channel and get the latest breaking news delivered to you.
The Independent
6 days ago
- Business
- The Independent
Shein seeks Hong Kong stock market listing in blow to London
Shein is seeking to list on the Hong Kong stock exchange and turn its back on a planned listing in London, according to reports. The fast-fashion firm has been looking to float on the London Stock Exchange for the past year but has struggled to get the go-ahead from Chinese regulators for the move. The company, which was founded in China but is based in Singapore, is planning to file draft papers with Hong Kong's stock exchange in the coming weeks, according to Reuters. Sources said the business intends to go public in the Asian financial hub within the year, the reports said. Shein has been contacted for comment. Shein's expected London listing was due to be a major boon for the City's beleaguered equity markets. The company had reportedly secured approval for the listing from the Financial Conduct Authority (FCA) in March. However, it has not yet received approval for the IPO (initial public offering) from Chinese regulators, including the China Securities Regulatory Commission (CSRC). The potential change in plans come amid a backdrop of uncertainty for the retailer, which will be heavily impacted by changes to US tax rules. The US Government said last month that it will close a loophole that allows overseas sellers to import parcels of goods worth less than 800 dollars (£592.80) directly without paying tax. In the UK, the Government has also said it will review its own similar rule which allows small parcels, worth less than £135, to enter the country without paying duties. Shein, and rivals including Temu, are reportedly significant beneficiaries of current rules and are facing major tax increases as a result.
Euronews
27-05-2025
- Automotive
- Euronews
BYD stock plunges after price cuts as EV sales surpass Tesla in Europe
Shares of BYD, the largest Chinese electric vehicle brand, tumbled 8.6% on Monday following news that the company offered steep discounts in some models, sparking concerns about a fresh price war in China's EV markets. The decline continued in Tuesday's Asian session, with BYD shares falling a further 4% in Hong Kong as of 5am CEST. Despite the drop, the stock remains up more than 50% year-to-date on the Hong Kong Stock Exchange. In contrast, global competitor Tesla saw little change in its share price on Monday, but remains down 13% year-to-date in 2025. The aggressive pricing strategy has raised concerns over slowing EV demand amid persistent weakness in the Chinese economy and heightened US-China trade tensions. Other major Chinese EV makers also saw declines on Monday, with shares of Geely, Great Wall Motor, and Xpeng falling between 4% and 9% due to fears that deeper discounts could squeeze sector profit margins. BYD announced broad price reductions across 22 electric and plug-in hybrid models, effective until 30 June, according to a post on the company's official Weibo account. The discounts, which range from 10% to 30%, apply to vehicles from its Ocean and Dynasty series. The most significant cut was for the Seal 07 DM-i model, with a discount of 53,000 yuan (€6,460), or 34%. Analysts expect rival Chinese carmakers to follow BYD's lead as domestic competition intensifies. The pricing strategy also appears aimed at reducing the excess inventory of older models. In the first four months of 2025, BYD's dealer inventory rose by approximately 150,000 units, equal to around half a month's worth of retail sales, according to CnEVPost. Citi analysts estimate that the price reductions could drive a 30% to 40% weekly surge in sales. This may potentially offset margin pressure. Despite investor concerns, BYD remains on a strong growth trajectory and continues to challenge Tesla in global markets. In April, BYD reported 380,089 sales of new energy vehicles (NEVs), a 21% year-on-year increase. Overseas sales also set a new record for the fifth consecutive month. In a key milestone, BYD outsold Tesla in Europe for the first time last month, with 7,231 new battery-electric vehicles registered, a 169% year-on-year jump. By comparison, Tesla's sales have fallen across Europe in 2025, a trend attributed in part to growing anti-Tesla sentiment linked to CEO Elon Musk's political involvement. During the first quarter, BYD sold nearly 1 million vehicles, placing it firmly on track to achieve its 2025 target of 5.5 million annual vehicle sales. The company reported a net income of 9.15 billion yuan (€1.11 billion), with a gross profit margin of 20%. This compares with Tesla's $409 million (€359 million) and a 16% margin over the same period. BYD is also investing in advanced driver-assistance systems. The company's adoption of DeepSeek's R1 AI model is expected to rival Tesla's Full Self-Driving (FSD) technology, potentially at a significantly lower cost. In addition, BYD is China's second-largest battery manufacturer after CATL, giving it a competitive edge in cost control and vertical integration. BYD is likely to remain less impacted by US tariffs as it does not sell passenger vehicles to the US. Instead, it is focusing on Southeast Asia and South America for international growth. The company is also establishing a manufacturing plant in Hungary, which is expected to boost European sales.
Yahoo
27-05-2025
- Automotive
- Yahoo
BYD stocks plunge following deep price cuts as EV sales surpass Tesla in Europe
Shares of BYD, the largest Chinese electric vehicle brand, tumbled 8.6% on Monday following news that the company offered steep discounts in some models, sparking concerns about a fresh price war in China's EV markets. The decline continued in Tuesday's Asian session, with BYD shares falling a further 4% in Hong Kong as of 5am CEST. Despite the drop, the stock remains up more than 50% year-to-date on the Hong Kong Stock Exchange. In contrast, global competitor Tesla saw little change in its share price on Monday, but remains down 13% year-to-date in 2025. The aggressive pricing strategy has raised concerns over slowing EV demand amid persistent weakness in the Chinese economy and heightened US-China trade tensions. Other major Chinese EV makers also saw declines on Monday, with shares of Geely, Great Wall Motor, and Xpeng falling between 4% and 9% due to fears that deeper discounts could squeeze sector profit margins. BYD announced broad price reductions across 22 electric and plug-in hybrid models, effective until 30 June, according to a post on the company's official Weibo account. The discounts, which range from 10% to 30%, apply to vehicles from its Ocean and Dynasty series. The most significant cut was for the Seal 07 DM-i model, with a discount of 53,000 yuan (€6,460), or 34%. Analysts expect rival Chinese carmakers to follow BYD's lead as domestic competition intensifies. The pricing strategy also appears aimed at reducing the excess inventory of older models. In the first four months of 2025, BYD's dealer inventory rose by approximately 150,000 units, equal to around half a month's worth of retail sales, according to CnEVPost. Citi analysts estimate that the price reductions could drive a 30% to 40% weekly surge in sales. This may potentially offset margin pressure. Despite investor concerns, BYD remains on a strong growth trajectory and continues to challenge Tesla in global markets. In April, BYD reported 380,089 sales of new energy vehicles (NEVs), a 21% year-on-year increase. Overseas sales also set a new record for the fifth consecutive month. In a key milestone, BYD outsold Tesla in Europe for the first time last month, with 7,231 new battery-electric vehicles registered, a 169% year-on-year jump. By comparison, Tesla's sales have fallen across Europe in 2025, a trend attributed in part to growing anti-Tesla sentiment linked to CEO Elon Musk's political involvement. During the first quarter, BYD sold nearly 1 million vehicles, placing it firmly on track to achieve its 2025 target of 5.5 million annual vehicle sales. The company reported a net income of 9.15 billion yuan (€1.11 billion), with a gross profit margin of 20%. This compares with Tesla's $409 million (€359 million) and a 16% margin over the same period. BYD is also investing in advanced driver-assistance systems. The company's adoption of DeepSeek's R1 AI model is expected to rival Tesla's Full Self-Driving (FSD) technology, potentially at a significantly lower cost. In addition, BYD is China's second-largest battery manufacturer after CATL, giving it a competitive edge in cost control and vertical integration. BYD is likely to remain less impacted by US tariffs as it does not sell passenger vehicles to the US. Instead, it is focusing on Southeast Asia and South America for international growth. The company is also establishing a manufacturing plant in Hungary, which is expected to boost European sales.
Euronews
27-05-2025
- Automotive
- Euronews
BYD stocks plunge after price cuts as EV sales surpass Tesla in Europe
Shares of BYD, the largest Chinese electric vehicle brand, tumbled 8.6% on Monday following news that the company offered steep discounts in some models, sparking concerns about a fresh price war in China's EV markets. The decline continued in Tuesday's Asian session, with BYD shares falling a further 4% in Hong Kong as of 5am CEST. Despite the drop, the stock remains up more than 50% year-to-date on the Hong Kong Stock Exchange. In contrast, global competitor Tesla saw little change in its share price on Monday, but remains down 13% year-to-date in 2025. The aggressive pricing strategy has raised concerns over slowing EV demand amid persistent weakness in the Chinese economy and heightened US-China trade tensions. Other major Chinese EV makers also saw declines on Monday, with shares of Geely, Great Wall Motor, and Xpeng falling between 4% and 9% due to fears that deeper discounts could squeeze sector profit margins. BYD announced broad price reductions across 22 electric and plug-in hybrid models, effective until 30 June, according to a post on the company's official Weibo account. The discounts, which range from 10% to 30%, apply to vehicles from its Ocean and Dynasty series. The most significant cut was for the Seal 07 DM-i model, with a discount of 53,000 yuan (€6,460), or 34%. Analysts expect rival Chinese carmakers to follow BYD's lead as domestic competition intensifies. The pricing strategy also appears aimed at reducing the excess inventory of older models. In the first four months of 2025, BYD's dealer inventory rose by approximately 150,000 units, equal to around half a month's worth of retail sales, according to CnEVPost. Citi analysts estimate that the price reductions could drive a 30% to 40% weekly surge in sales. This may potentially offset margin pressure. Despite investor concerns, BYD remains on a strong growth trajectory and continues to challenge Tesla in global markets. In April, BYD reported 380,089 sales of new energy vehicles (NEVs), a 21% year-on-year increase. Overseas sales also set a new record for the fifth consecutive month. In a key milestone, BYD outsold Tesla in Europe for the first time last month, with 7,231 new battery-electric vehicles registered, a 169% year-on-year jump. By comparison, Tesla's sales have fallen across Europe in 2025, a trend attributed in part to growing anti-Tesla sentiment linked to CEO Elon Musk's political involvement. During the first quarter, BYD sold nearly 1 million vehicles, placing it firmly on track to achieve its 2025 target of 5.5 million annual vehicle sales. The company reported a net income of 9.15 billion yuan (€1.11 billion), with a gross profit margin of 20%. This compares with Tesla's $409 million (€359 million) and a 16% margin over the same period. BYD is also investing in advanced driver-assistance systems. The company's adoption of DeepSeek's R1 AI model is expected to rival Tesla's Full Self-Driving (FSD) technology, potentially at a significantly lower cost. In addition, BYD is China's second-largest battery manufacturer after CATL, giving it a competitive edge in cost control and vertical integration. BYD is likely to remain less impacted by US tariffs as it does not sell passenger vehicles to the US. Instead, it is focusing on Southeast Asia and South America for international growth. The company is also establishing a manufacturing plant in Hungary, which is expected to boost European sales. Life expectancy and years spent in retirement are rising across Europe. In response, many countries are increasing retirement ages. Denmark has already decided to raise the retirement age to 70 by 2040. Several other European countries have also passed laws to raise pension ages in the coming years. According to the OECD, Denmark will lead by 2060, with people retiring at age 74. So, what are the current and projected retirement ages across Europe? Which countries have the highest retirement ages? Is there a gender gap in retirement ages? How will the retirement age differ between those retiring today and those just entering the workforce? Euronews takes a closer look at retirement ages and future trends in Europe, based on the OECD's Pensions at a Glance report. As of 2022, the statutory retirement age for men in the EU ranged from 62 to 67, while for women it ranged from 60 to 67. When including the UK, EFTA countries, and EU candidate Turkey, Turkey stands out as a significant outlier, with retirement ages of just 49 for women and 52 for men. The average retirement age in the EU is 64.7 for men and 63.8 for women. Three Nordic countries—Denmark, Norway, and Iceland—have the highest retirement age at 67 for both men and women. The retirement age is also above 65 in several other countries, including the Netherlands (66.6), the UK and Ireland (both 66), Germany (65.8), and Portugal (65.6). Other countries with a retirement age of 65 include Austria, Poland, Romania, Hungary, Croatia, Switzerland, Belgium, Italy, Spain, and Cyprus. Among Europe's five largest economies, France has the lowest retirement age at 64.8—but the difference is marginal. However, according to the 2024 Ageing Report, people in France can retire once they reach the minimum retirement age—62 for those born up to 1960, and 64 for those born in 1968 or later. When Turkey is excluded, Greece, Luxembourg, and Slovenia have the lowest retirement age for men in the list—and in the EU—at 62. Women in these countries also retire at 62. However, the lowest retirement age for women is found in Austria and Poland, where it is 60. In 23 countries, men and women retire at the same age, showing no gender gap. In the remaining nine countries, men have a higher retirement age. The largest gaps are in Austria and Poland, where men retire five years later than women. The difference is also three years or more in Romania, Hungary, and Turkey. In the EU overall, the gender gap in the retirement age is 0.9 years. According to the OECD, 'based on established links between the retirement age and life expectancy,' the retirement age is projected to increase in 20 countries for men and in 24 countries for women out of the 32 analysed in Europe. Some are also based on already legislated measures. Future normal retirement ages for those entering the labour market in 2022 are projected to range from 62 to 74 for men, and from 60 to 74 for women by 2060. The EU average is expected to reach 66.7 for men and 66.4 for women. Denmark is expected to have the highest retirement age by 2060, with both men and women retiring at 74. Italy and Estonia are set to follow at 71, while the Netherlands, Sweden, and Cyprus are projected to reach 70. The future retirement age is 69 in Finland and Slovakia, closely followed by 68 in Portugal. Five countries—including the UK, Germany, Belgium, Norway, and Iceland—have a future retirement age of 67. It will also exceed 65 in Ireland and Greece, reaching 66. This shows that all Nordic countries will rank among the highest, with retirement ages above the EU average. According to the Finnish Centre for Pensions, several countries have already updated their retirement ages, with increases scheduled in the near future. For example, Belgium will raise its retirement age to 67 by 2030, Denmark to 69 by 2035, and the UK to 68 by 2046. Slovenia and Luxembourg will have the lowest retirement age for men at 62 among those entering the labour market in 2022, while Poland will have the lowest for women at 60. In fourteen countries, the future retirement age is 65 for men, although it remains lower for women in some of these countries. By 2060, the gender gap in retirement age will almost disappear across Europe, remaining only in Poland, Hungary, Romania, and Turkey. When comparing 2022 retirees with those entering the labour market in 2022, Turkey will see the largest increase in retirement age—13 years for men and 14 years for women. In Denmark, the increase will be 7 years for both. As of 2021, Denmark ranked second in the EU for average pension expenditure per beneficiary, both in nominal terms and when adjusted for purchasing power standards (PPS). Estonia, Slovakia, Italy, Sweden, and Cyprus are also expected to raise retirement ages by 5 years or more by 2060. Retirement ages may vary for early entrants to the workforce or individuals with specific circumstances. Pensions in the EU typically amount to around 60% of late-career earnings. In many European countries, however, this rate drops below 50%, making it increasingly difficult for pensioners to maintain a decent standard of living.
