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Increase in old-age pensions from 63 in Germany: Significance for the future (SEO-optimized)
According to a report from www.gegen-hartz.de, old-age pensions for particularly long-term insured people in Germany are experiencing a boom. By the end of September 2023, more than 245,000 applications had been made for this old-age pension, an increase of almost 17% compared to the previous year. The reason for this rush is, among other things, the gradual retirement of the baby boomer generation, who are now increasingly reaching retirement age. The “Pension from 63” is based on the provisions of the Social Security Code VI and offers special advantages for insured people who want to retire early. However, in view of the rush for this old-age pension, criticism of it is also becoming louder. Employer President Mr. Dulger is expected to...
Increase in old-age pensions from 63 in Germany: Significance for the future (SEO-optimized)
According to a report from www.gegen-hartz.de, old-age pensions for particularly long-term insured people in Germany are experiencing a boom. By the end of September 2023, more than 245,000 applications had been made for this old-age pension, an increase of almost 17% compared to the previous year. The reason for this rush is, among other things, the gradual retirement of the baby boomer generation, who are now increasingly reaching retirement age.
The “Pension from 63” is based on the provisions of the Social Security Code VI and offers special advantages for insured people who want to retire early. However, in view of the rush for this old-age pension, criticism of it is also becoming louder. Employer President Mr. Dulger is expected to again call for the abolition of this type of pension because he sees the shortage of skilled workers as a problem.
However, it is questionable whether the abolition of the “pension from 63” would actually stop early retirement. Surveys show that the majority of employees in Germany do not want to work beyond the age of 63. As a result, insured persons could switch to other early retirement pensions, even if this is associated with financial losses in the form of discounts.
The increase in interest and demand for retirement at 63 has potential impacts on the market and the financial industry. The increasing number of applications could place greater strain on pension funds, particularly as the baby boomer generation retires. This could lead to challenges in financing and maintaining the pension system.
In addition, the abolition of the “pension from age 63” could have an impact on the employment situation. If employees no longer have the opportunity to retire early, this could lead to longer working hours and a higher retirement age. This could in turn affect the labor market as fewer jobs would be available for younger workers.
Overall, “pension from age 63” is a controversial topic with potential effects on the market and the financial industry. The exact development and further steps taken by the government will be crucial in assessing the long-term consequences and taking appropriate measures.
Read the source article at www.gegen-hartz.de