Life in Germany. 21 million pensioners living in Germany will be sure to experience some economic relief despite the economy as pension payments are set to rise again next July. Here’s how much you are entitled to:
According to an official estimate, statutory retirement pensions are to go up by around 3.5 percent in West Germany and a good 4.5 percent in East Germany next July.
This data was captured in the draft of the 2022 pension insurance report which German newspaper Bild am Sonntag had sight of.
Employment Minister Hubertus Heil told Bild am Sonntag that according to the data available now, pensioners can again expect a noticeable increase in pensions in the summer.
For a pension of €1,000, the expected rise means people will receive €35 more in the west and €42 more in the east.
By how much will pension payments in Germany increase?
Pensions in Germany are expected to increase by a total of almost 43 percent by 2036, which sums up to an average growth rate of 2.6 percent per year.
Calculations for the period up to 2027 are made on the basis of the government’s economic projections from October 12th of this year.
Heil told Bild am Sonntag that, contrary to many forecasts, they had been able to keep contribution rate stable longer that expected.
CHECK HOW TO CALCULATE YOUR PENSION HERE:
“Working people can be confident that the contribution rate will not increase,” wrote Bild quoting the Employment Minister.