Update
A full sip from the bottle
Pensions will rise by more than 4 percent on July 1st
March 19, 2024, 11:18 a.m
Listen to article
This audio version was artificially generated. More info | Send feedback
At least pensioners in Germany can be happy. As the Federal Ministry of Social Affairs reports, the pension will increase by 4.57 percent on July 1st. This means that the pension adjustment is “above four percent for the third year in a row.”
Pensions in Germany will rise by 4.57 percent on July 1st. As the Federal Ministry of Social Affairs announced, the pension adjustment is “above four percent for the third year in a row.” Accordingly, the pension adjustment is now taking place nationwide for the first time, after the pension value in the east had already reached the western value last year.
Federal Labor and Social Affairs Minister Hubertus Heil called the increase “good news for pensioners.” It is possible thanks to a strong labor market and good wage agreements, which are taken into account in the decision to adjust pensions.
With a view to the first nationwide increase, the SPD politician spoke of a “milestone” 34 years after German unification. “Work is worth the same in East and West when it comes to pensions,” emphasized the minister.
To ensure that retirement benefits remain reliable for everyone in the future, they will now be stabilized through the reform of Pension Package II, the minister continued. The statutory pension will be “permanent and, at the same time, with the generation capital, it will relieve the burden on future contributors”.
This will ensure “that the young generation will also benefit from growth in the future,” emphasized the minister. Because stable pensions are “not a luxury, but have been the basis of our social market economy and a guarantee for stability and social peace for decades.”
As of July 2023, pensions in western Germany had risen by 4.39 percent and in eastern Germany by 5.86 percent.