As of: March 28, 2024, 2:35 p.m
By: Nils Hinsberger
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The German pension system needs to be revised. The labor and finance ministers presented a joint draft for this - not enough, says FDP deputy Vogel.
Berlin – There is a threat of a new dispute in the traffic light government. This time affected: the traffic light pension plans of Labor Minister Hubertus Heil (SPD) and Finance Minister Christian Lindner (FDP). The deputy FDP chairman Johannes Vogel fears that the proposed law will affect intergenerational fairness. “As it stands at the moment, in my opinion the pension package does not yet meet the requirements of the coalition agreement,” Vogel told the
Frankfurter Allgemeine Zeitung
(FAZ).
“That’s not enough yet” – FDP deputy demands improvements to the traffic light pension package
It is now important to adapt the planned pension package to fairness between generations, said Vogel. One possible approach is to “leave retirement behind us at 63”. Vogel bases his proposed changes on Sweden's pension model. A flexible retirement age applies there if you have exceeded the age of 63. So people can, so to speak, choose for themselves whether they want to continue working.
Johannes Vogel (FDP) sees intergenerational equity in the traffic light pension package at risk. (Archive image) © Political-Moments/IMAGO
According to Vogel, this leads to “more people voluntarily staying in working life longer”. In addition, the Swedish model is even mentioned in the coalition agreement. Vogel counters that the SPD will not be enthusiastic about moving away from pensions at 63 by saying that there will be “great resistance in the FDP to a pension package that is not fair for all generations”.
FDP Vice President Vogel calls for a “real stock pension” – critics warn of “economic madness”
Vogel welcomes Heil and Lindner's proposal in the draft for Pension Package II to enter into a so-called stock pension through generation capital totaling 200 billion euros. “But of course we have to continue on this path.” Vogel rejects accusations that a stock-financed pension is a “gambler’s pension”. He demands that the political left give up “their aversion to stocks” so that nothing stands in the way of “funded provision for all those with statutory pension insurance”.
Criticism of the planned stock pension comes primarily from social and business associations, but also from other parties. Sahra Wagenknecht said that with the planned generational capital “the traffic light is playing with the citizens’ old age security”. She described the stock pension as a “casino pension”.
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Economist Bernd Raffelhüschen fears that the planned generational capital will result in too little return. “Maybe one percent and that’s not nearly enough to support the pension system,” he told
ThePioneer.
Leaving the pension level at 48 percent and not increasing the retirement age is “economic madness”.
There is growing concern among social associations that the stock pension will only have an impact far too late. “An investment in stocks only pays off, if at all, after about 30 years,” said Verena Bentele, President of the social association VdK, to the
German Press Agency (dpa)
.
(nhi)