Germany with new reform package - Tax cuts, changes to pensions and the labor market
The German government has presented a broad package of economic reforms, which is expected to be fully implemented by 2028. The package includes changes to the tax system, labor market, pensions, and public administration, with the aim of boosting economic growth and reducing bureaucracy.
Chancellor Friedrich Merz stated that the main objective of the reforms is to reduce the fiscal burden and simplify administrative procedures. According to him, the biggest beneficiaries will be families with two children, who are expected to save over 600 euros per year thanks to tax breaks.
According to the government, these reliefs will cost the state budget about 10 billion euros less in tax revenue. To compensate for this shortfall, taxes are expected to increase for the highest income groups, up to 47 percent.
The reforms also affect the labor market. Temporary contracts will be able to last up to six years, while Labor Minister Bärbel Bas announced that employees will have to present a medical certificate from the first day of absence from work, ending the practice of obtaining sick leave simply by calling.
The package also foresees raising the retirement age to 67, as well as measures to reduce state bureaucracy.
The German government aims to strengthen the country's economy through these reforms and, at the same time, curb the growth of support for the far-right party, AfD.
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