Merz backs plans to raise Germany’s retirement age to 70 in pension changes
Recommendations from commission propose gradual rise in retirement age by the early 2090s
TL;DR
- Germany plans to raise its retirement age to about 70 by the early 2090s.
- The retirement age will be gradually increased in line with rising life expectancy.
- Early retirement options, such as retiring at 63 after 45 years of work, are proposed to be scrapped.
- Pension contributions will be invested in the stock market to increase fund value.
- Compulsory pension contributions will be expanded to include civil servants and self-employed workers.
- The reforms aim to secure the pension system for an aging population and prevent its collapse.
- Critics argue that scrapping early retirement penalizes those in physically demanding jobs.