German Retirement Age to Be Raised to 73

German Chancellor Friedrich Merz has given the green light for a gradual increase in the retirement age from 65 to 73. More than a million pensioners in Germany are already choosing to continue working due to insufficient income.

Merz made this statement in response to a report from an expert group established by the German Ministry of Finance. The group took into account the growing population and the increasing number of retirees, as well as the economic stagnation the country has been experiencing for years, Fria Tider reports .

This year, pension payments account for almost a quarter of the federal budget.

To avoid social unrest – such as in France as a result of similar reforms – Merz wants to implement a “slow and gradual” increase in the retirement age and make it possible to adjust it to the rising average life expectancy.

To raise the retirement age from 65 to 73 within 35 years, it would have to be increased by three months per year. However, the issue of the retirement age is also being hotly debated within the right-wing populist Alternative for Germany (AfD) party, which has always opposed expensive immigration.

Since taking office, Friedrich Merz has repeatedly warned Germans that the economy is unable to maintain a five-day workweek while maintaining current levels of benefits and social services.

Denmark currently has the highest retirement age in Europe, which will reach 70 in 2040.

France, Italy, and the United Kingdom are also revising their retirement ages in response to their aging populations. Statistics show that a German worker works an average of only 1,343 hours per year, compared to the average of 1,746 hours per year for other countries in the Organization for Economic Cooperation and Development (OECD).

According to The Telegraph, the number of Germans who continue to work after the age of 67 rose from 660,000 to more than 1.05 million between 2014 and 2024.

https://www.frontnieuws.com/duitse-pensioenleeftijd-wordt-verhoogd-naar-73