As of: March 6, 2024, 7:06 p.m
By: Lisa Mayerhofer
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The traffic light coalition wants to make pensions future-proof with the new pension package.
However, the taxpayers' association does not consider the concept to be sufficient and has expressed strong concerns.
The pension package presented on Tuesday by Labor Minister Hubertus Heil (SPD) and Finance Minister Christian Lindner (FDP) sparked heated discussions.
Among other things, a share pension is to be introduced, the pension level is to be fixed and the contribution rates are to be increased.
However, the Taxpayers' Association does not consider the pension concept in this form to be sufficient and still sees open questions.
Taxpayers' Association: "The traffic light government now has to answer many questions"
“Based on the key figures for the pension package, I cannot yet see that the pension system would become more stable overall,” said the President of the Taxpayers’ Association, Reiner Holznagel, to the editorial network Germany (RND).
In his view, “more adjustment screws in favor of pension insurance” should be used.
Christian Lindner (FDP) and Hubertus Heil (SPD) presented pension package II.
© Michael Kappeler/dpa
Holznagel said he was wondering how the permanent guarantee of a pension level of 48 percent could be reconciled with demographic developments.
In addition, the government must answer whether “debt-financed generational capital can actually reduce contributions for employees and companies”.
It also needs to be clarified to what extent taxpayers will have to help finance the package in the long term.
“And who are the beneficiaries of the entire pension package within the framework of the intergenerational contract?” asked the President of the Taxpayers’ Association and demanded “reliable figures and explanations”: “The traffic light government now has to answer many questions.”
Pension package: pension levels and ages should remain the same
The controversial pension package is planned, among other things, for a share-based “generational capital”, which will provide the statutory pension with another financing pillar in addition to the contributions from employees and employers and subsidies from tax money.
Twelve billion euros are to be paid into a fund in 2024.
After that, the amount of deposits should increase by three percent annually, financed primarily from loans.
In addition, federal assets worth 15 billion euros are to be transferred to the fund by 2028.
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It is also planned that the pension level will be legally set at at least 48 percent by 2040, which corresponds approximately to the current level.
“There will be no pension cuts and no increase in the retirement age,” Heil made clear.
The heart of retirement provision in Germany is the statutory pension – “and will remain so”.
Pension package: Contributions increase despite stock pension
According to the draft law, pension spending would rise from the current 372 billion euros to 755 billion euros by 2045 without reform - with the planned fixing of the pension level at 48 percent, they could even rise to around 800 billion.
Because of this and because of the aging population, significantly higher contributions would be expected.
Without investing money on the capital market, the pension contribution would rise from the current 18.6 percent to 22.7 percent by 2045.
This should dampen the returns from the capital market somewhat.
The federal government expects a pension contribution of 22.3 percent in 2045.
According to RND
, Holznagel from the Taxpayers Association warned
that this was not enough: “We have to use more adjustment screws in favor of pension insurance!
The promise of a costly pension guarantee, accompanied by a debt-financed stock pension, is not enough.”
With material from AFP