Germany pensions will fall short of living standards: Merz
Key takeaways
- Germany's state pension will only give "basic coverage" in retirement, Chancellor Friedrich Merz has warned amid hot debate.
- "Statutory pension insurance alone will, at best, still provide only basic coverage for old age.
- For that reason, additional funded elements of workplace and private retirement savings are necessary, the chancellor said.
Why this matters: an international story with cross-border implications worth tracking.
Germany's state pension will only give "basic coverage" in retirement, Chancellor Friedrich Merz has warned amid hot debate. How does the system compare globally?
https://p.dw.com/p/5Clt SAging societies are putting massive pressure on pension systems Image: Michael Nguyen/Nur Photo/picture alliance Advertisement Pensions have been a hot-button issue in Germany for many years, but this week, Chancellor Friedrich Merz himself reignited the controversy.
"Statutory pension insurance alone will, at best, still provide only basic coverage for old age. It will no longer be sufficient to secure one's standard of living in the long term," Merz said at an event hosted by the Association of German Banks in Berlin.