As of: March 1, 2024, 10:01 a.m
By: Anni Gebhard
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Press
Split
The German pension system is often criticized.
A study shows: Germany's pensions are below average.
But what about in other countries?
Retirement at the age of 62 – this is normal for Luxembourgers and Slovenes.
The French, on the other hand, constantly protest to preserve their “pension from 64” no matter what.
In Germany, this dream has long been over and employees only retire at the age of 67 - and the trend is rising.
But the Federal Republic also performs below average when it comes to pension levels.
What does retirement look like in other countries?
In France, a pension without deductions is possible from the age of 64 - in Germany only from the age of 67
In Germany, the pension works as follows: after 45 years of work and reaching retirement age, you can retire without deductions.
The entry age is currently 67 for those born after 1964.
If you want to retire earlier, you have to pay deductions.
Anyone who has never worked in Germany only receives basic income.
The amount of the pension is made up of the so-called pension points and can be easily calculated.
In neighboring France, however, there is a minimum pension of 1,200 euros per month.
Anyone who has worked for 41.5 years and paid pension insurance contributions can retire at the age of 64.
Otherwise, retirement is only possible with reductions or at the age of 67.
Before the controversial reform in 2023, the French were already retiring at the age of 62.
Retirement age in comparison: In Denmark you only retire at 74 years old
When it comes to retirement age, according to a study by the Organization for Cooperation and Development (OECD), Germany is in the top third of international comparisons.
Denmark will lead the rankings in the future: the retirement age here is to be raised to 74 years.
Followed closely by Italy and Estonia with 71 years.
On average, employees in Saudi Arabia retire earliest.
The entry age here is 47 years.
In some countries there are different retirement ages for women and men.
For example, in neighboring Austria the entry age for women is 60 and for men it is 65.
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Pension level shows: German pension system below average in international comparison
The OECD study also lists the pension levels in various countries.
The pension level is given as a percentage and provides information about how much pensioners receive compared to their last net salary before retirement.
Pensioners in this country are left with around 53 percent of their last net income.
Pension levels abroad are significantly higher.
Germany is below average in the bottom third of the OECD list.
The Dutch top the list with 89.2 percent.
Poland comes last with 36.5 percent.
In some countries, private pension provision is mandatory.
This is included in the study results.
Too little investment, an aging society - that's why the German pension is so bad in comparison
According to the study, Germany is in third-to-last place when it comes to the ratio of pensioners to workers.
Only Italy and Spain are behind them.
In the long term, this means: too many pensioners and too few working people paying into the pension fund.
In order to cushion this, Germany would have to make major investments.
Spain invests around 10.4 percent of its gross domestic product (GDP) in pensions, Italy even 12.8 percent.
Germany, on the other hand, only puts 9.8 percent of economic output into the pension system.