Posted on 05/23/2014 11:23:49 AM PDT by Olog-hai
German lawmakers approved on Friday a major pensions overhaul, criticized by many, including within Chancellor Angela Merkel’s coalition, as making little economic sense in a rapidly aging country.
The new rules will allow some workers to retire at the age of 63, while the norm of 67 is being progressively phased in for workers in Europe’s top economy after a 2007 change. […]
Critics, including from abroad, have also pointed to the paradox of Germany now lowering its retirement age after having pressed its partners in Europe during the debt and financial crisis not to permit the same.
Even former top Social Democrats, such as ex-chancellor Gerhard Schröder, have condemned the reform. …
(Excerpt) Read more at thelocal.de ...
I guess a labor shortage is supposed to drive up salaries to pay for the largesse? Or was there any though given other than political expedience?
freeing up jobs for younger people?...for those of us not sucking at the govt teat with a fat pension, getting your full SS payment a little early would be wonderful, and deserved of course, especially for those of us with demanding work...
I guess actuarial science doesn’t translate to German.
So long as it’s Germans making decisions for their own country, I’m fine with it. As far as America goes, I don’t think Social Security is constitutional, but if we’re going to have it, I think even a “moderate” should rightly demand that it be fully funded and designed to last in perpetuity.
I don't understand American "retirement." Everyone claws and kills for this goal, but the plateau seems to be sloth, laziness, and selfishness.
"I am going to sit on my butt, and DO WHAT I WANNA DO!"
I am supposed to admire this.....because?
I’m surprised to see the free money mentality on FR, but given past indications of being a feminist I suppose the two go hand in hand.
We need a solvent national pension with a cash value to the estates of deceased individuals. Burying social engineering in what was intended to be a dedicated retirement fund has led to insolvency.
You can get yours at 62 and we are complaining about Germany? The liberals want to lower the age to 50....I kid you not.
I think the age 63 retirement age would ONLY be for those who have paid into their system for 45 years. That covers those who, at a young age, went into the German’s traditional apprenticeship programs (where they work during their apprenticeships). Of course the folks who go to university until their late twenties or even into their thirties (usually at government expense) won’t qualify.
That seems fair to me. Besides, a lot of the folk who would qualify for this early retirement would still choose to continue to work past age 63.
I don’t intend to retire. Ever.
My family members don’t retire, and neither will I-we ranch and farm, own one-or-two person businesses, work as private contractors, etc-and in doing so stay healthy and fit and pay taxes all our lives for those who don’t...
Fine, as long as the pension plan is fully funded, which it is not and instead relies on more taxes - therefore, it’s a nutty idea.
I’ll second that-I love to work-outside, if I can-but pretty soon, even with any kind of a pension, people will have to do something for pay unless they are independently wealthy. It won’t be easy for a lot of people.
Bless you.
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