Interest

In Saxony-Anhalt, many people are at risk of receiving a low pension despite having paid contributions for decades. With their current earnings, almost 241,500 full-time employees subject to social insurance contributions would only receive a pension of up to 1,300 euros after 45 years of constant contributions. This is shown by the government’s response to a question from Bundestag member and BSW party founder Sahra Wagenknecht. It was made available to the German Press Agency in Berlin.

News

Z+ (subscription required content); Pension: Many employees expect a low pension

Z+ (subscription required); Skilled labor shortage: Economic expert calls for higher deductions for retirement at 63

Z+ (subscription required content); Pension: More than 1.3 million pensioners work in addition

However, the Federal Ministry of Labor points out that the assumption made in the question is unrealistic – namely, that the wage ratio remains unchanged throughout the entire working life. According to the government’s answer, after 40 years of insurance, almost 303,500 people in Saxony-Anhalt will receive a pension of less than 1,300 euros if they have always earned the same amount as they do today.

Many low pensions in East Germany

The regional differences are high. After a full-time working life, many people, especially in eastern Germany, are at risk of receiving a pension of less than 1,300 euros. Nationwide, almost one in three full-time workers would be affected – in the east, almost one in two, it was said.

Since 2012, the regular retirement age has been gradually raised from 65 to 67. If you want to receive an old-age pension for those who have been insured for a long time, you need 35 years of contributions, and for the old-age pension for those who have been insured for a particularly long time, you need 45 years. Members of certain age groups can retire before their 67th birthday without deductions if they have paid in for 35 years. For everyone born in 1964 or later, the retirement age is 67 even after 35 years of contributions. In principle, you can retire earlier without deductions after 45 years of insurance.

In Saxony-Anhalt, many people are at risk of receiving a low pension despite having paid contributions for decades. With their current earnings, almost 241,500 full-time employees subject to social insurance contributions would only receive a pension of up to 1,300 euros after 45 years of constant contributions. This is shown by the government’s response to a question from Bundestag member and BSW party founder Sahra Wagenknecht. It was made available to the German Press Agency in Berlin.

However, the Federal Ministry of Labor points out that the assumption made in the question is unrealistic – namely, an unchanged wage ratio throughout the entire working life. According to the government’s answer, after 40 years of insurance, almost 303,500 people in Saxony-Anhalt will receive a pension of less than 1,300 euros if they have always earned the same amount as they do today.