Germany Proposes Retirement Age Increase to 73 by 2060
Germany is considering a significant increase in its retirement age to ensure the sustainability of its social security system. The German Council of Economic Experts, an independent advisory body, recommends raising the retirement age to 73 by 2060.
The proposed changes aim to balance the ratio of working-age individuals to pensioners. The retirement age will gradually increase from the current 67 to 73 by 2060. This phased approach is designed to give citizens time to adapt to the changes. Denmark has already approved a similar increase, with its retirement age set to rise to 70 by 2040 for those born after 1970.
The recommendation comes from a newly established scientific advisory circle led by economy minister Katherina Reiche. The council suggests a 'growth-oriented structural change' and technological leadership in key industries to support this transition. This is seen as crucial given Germany's stagnant economy, low productivity growth, deindustrialisation, and demographic problems.
By 2030, the proportion of 67-year-olds and older in Germany is expected to increase by about a third, highlighting the urgency of these changes. The retirement age increase is part of a broader strategy to stabilize the social insurance system and ensure its long-term sustainability.
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