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Pension increase from July 2024: Financial expert explains effects and background
According to a report from www.merkur.de, pensions in Germany are expected to increase by 3.5 percent from July 2024. A certain group of disability pensioners should even receive an increase of 7.5 percent. The pension insurance justifies these differences with improvements for new entrants to the disability pension between 2014 and 2019. As a financial expert, I see that the pension increase will cause considerable costs for the German state budget. According to estimates, the increase will cost around 1.3 billion euros more this year. For 2025, the federal government is even planning additional costs of 2.6 billion euros. This additional spending could impact the state budget and...
Pension increase from July 2024: Financial expert explains effects and background
According to a report by www.merkur.de,
Pensions in Germany are expected to increase by 3.5 percent from July 2024. A certain group of disability pensioners should even receive an increase of 7.5 percent. The pension insurance justifies these differences with improvements for new entrants to the disability pension between 2014 and 2019.
As a financial expert, I see that the pension increase will cause considerable costs for the German state budget. According to estimates, the increase will cost around 1.3 billion euros more this year. For 2025, the federal government is even planning additional costs of 2.6 billion euros. This additional spending could impact government budgets and the financial industry by affecting budget planning and potentially tax rates.
In addition, the automatic review for pension increases without a specific request for those affected will require administrative resources to ensure that the increases are implemented correctly. This could have an impact on the workload of the pension system and the public service.
Read the source article at www.merkur.de