Germany: Pensions will rise significantly

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The retirement insurance fund has found how to brighten up the bad news for millions of retirees. In the coming year, there is most likely no need to talk about the indexation of pensions in connection with the coronavirus crisis. However, in 2022, retired people will again have more money.

The management of the DRV pension insurance union said that a pension increase in 2021 is unlikely to happen. However, DRV CEO Stefan Fassauer said: “In the next year, 2022, with a high probability, we can expect a significant increase in payments.” The pension has been and will continue to be the most reliable security in old age. Especially in turbulent times of the coronavirus pandemic, ”Fassauer said.

The increase in the size of the pension depends on the growth of wages in the country. If salaries have increased during the year, the size of pensions will increase next year. Therefore, despite the economic downturn due to the coronavirus crisis, pensions were raised on July 1, 2020. The increase in payments in 2020 was based on the salary increase in 2019. Reduction of pension payments, even in a situation in which the economy is in a recession, is prohibited by law.

As of December 31, 2019, pensioners in the western federal states receive an average of 910 euros in pensions, in the eastern states – 1,264 euros, according to the focus edition.

► pensions for men in the western states: € 1,169
► woman’s pension in western states: 700 euros
► singing men in the eastern part of the country: € 1,264
► Pensions for women in the eastern part of the country: € 1,033

The average old-age benefit is quite low. Especially considering the high cost of living in metropolitan areas. Many citizens have additional retirement income – partly from renting real estate, partly from private insurance.

That is why experts advise all residents of the country not to rely only on pensions established by law.

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