While it is currently in good financial health, the German pension system risk for the arrival of the “baby boomers” in the coming decades, according to the central bank. An adoption ongoing reform plans to raise the retirement age from 65 to 67 years but may be insufficient.
The German government should meet in Germany the age of retirement if he wants to keep its commitments to social security, believes the Bundesbank. According to the German central bank, the retirement age will be gradually increased from 65 years currently to 69 by 2060. While the pension system in Germany has, for now, good financial health. However it is threatened in the coming decades with access to rights of “baby boomers”, that is to say the impending retirement of generations born after the war. Moreover, the country could run out of young workers to replace them, says the German central bank. To this is added a third element. Lengthening life expectancy
In fact, reform is underway. It will cover the retirement age from 65 to 67 by 2030. But it will not be sufficient to allow all German pensioners to receive their pensions at the level set at least 43% of average earnings, warns the “Buba”. To avoid an increase in premiums or decrease in the level of pensions, the government should consider postponing two more years to 2060, retired access. “Further adjustments are inevitable to ensure financial sustainability (the public benefits system),” said the central bank.
“The German Government supports the retirement age to 67. This is a reasonable provision and necessary in light of demographic changes in Germany, “said Steffen Seibert, spokesman for the government. This will be implemented step by step. “
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