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The Week in Germany: Current Affairs October 27, 2006 Retirement Age to be Raised in Germany The age at which Germans can receive full retirement benefits is rising - the Berlin-based federal government has just announced a landmark decision to implement a step-by-step increase in the official retirement age from 65 to 67 by 2029. German Chancellor Angela Merkel hailed the agreement between the two major political parties governing the country of 82 million in a so-called grand coalition as "a decisive step in forging durable pensions for the future". "Pensions must be secured in a sustainable financial fashion for future generations because of increasing life expectancy and a decline in birth rates," she cautioned, citing current demographic trends in Germany, Europe's largest economy and the world's biggest exporter. The new pension proposal is due to be adopted by the federal cabinet on November 29. It will then be debated in the Bundestag, the German Parliament, with final approval expected by spring 2007. In the process, the main goal is maintaining current pension contributions and pension rates, the government underscored in an October 24 statement. On average, people will be able to retire between the ages of 63 and 67, albeit with certain reductions if they decide to retire before they turn 67. The German government is also beefing up its efforts to support older
workers, notably through its "Initiative 50plus" program. It
aims to increase the chances of jobseekers over 50 in the employment market
through targeted support. Links: |
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