Germany, the debate on the retirement age - Under review, retirement according to years of contributions
Germany is considering pension reform, linking retirement age to years of contributions rather than just life expectancy. Under the measure, people who work longer could retire earlier.
As part of the debate on reforming the pension system in Germany, the Labor Ministry is considering the idea of linking the retirement age to the number of years of paid social security contributions. The institution referred to a recommendation by several economists, who consider linking the retirement age to years of contributions to be more fair than linking it to life expectancy.
The ministry explained that there are two different models for the retirement age. One option is for the retirement age to be based on life expectancy, while the other relies on the years of contributions someone has paid into the system.
"If someone starts an apprenticeship at the age of 16 and then pays into the social security system for a certain period, they can retire earlier. Whereas those who start working later have to work longer," officials explain.
This could be bad news for people who study and graduate from university, because they start working later than those who do not study. Both models will be discussed in the pensions committee.
Currently, the retirement age is determined by date of birth and will gradually increase to 67 by 2031. People who have paid 45 years of contributions to the social security system are entitled to retire earlier.
According to the Ministry of Labor, for those born after January 1, 1953, the retirement age increases by two months for each year. While those born after January 1, 1964 can retire from work without a reduction in their pension when they turn 65.
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