Pension: People in Germany obtain pensions for longer | EUROtoday

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People in Germany are receiving pensions for longer and longer. This is reported by the Editorial Network Germany (RND) citing new figures from the German Federal Pension Insurance. According to this, in 2003 the typical pension interval was 16.8 years, whereas in 2023 it was a median of 20.5 years. For males, the pension interval has elevated extra sharply on this interval: from 14.3 years to 18.8 years. For ladies, from 19.3 years to 22.1 years. According to the pension insurance coverage, that is primarily because of the longer life expectancy.

The contribution fee for pension insurance coverage has remained steady. In 2003, the pension contribution, which employers and workers every pay half, was 19.5 %. Today, the pension contribution is eighteen.6 %. The retirement age has additionally elevated. In 2003, it was 62.9 years for women and men to enter the pension system. Old age pension and rose to 64.4 years every by 2023, the brand new figures present.

This is because of the enhance within the retirement age and the expiration of two varieties of early pensions that could possibly be utilized for earlier than reaching the respective commonplace retirement age.