Vatican Raises Retirement Age to Make Ends Meet

Tuesday May 26, 2009

Vatican City - In a sign the credit crunch is sparing no one, the Vatican is set to raise its staff retirement age by two years to help make ends meet.

From January 1, 2010, newly hired lay staff will retire at 67 instead of 65, while newly hired members of religious orders and priests (below the rank of bishop) will retire at 72 instead of 70.

"Even the Vatican is feeling the crisis and we need to be careful about spending like everyone these days," said the Rev. Ciro Benedettini, deputy director of the Vatican press office. "Austerity budgets are required to survive," he added. the rest