BERLIN (AP) — Germany’s Cabinet on Wednesday approved a 4.57% rise in retirees’ pensions from this summer, well above the current rate of inflation.
Rises in German pensions are linked largely to wage developments. Although inflation has subsided over the past year, the outcome of recent salary negotiations in various sectors has reflected demands for hefty pay rises following a big increase in living costs.
The increase will take effect on July 1, the first time since 2000 that pensions in Europe’s biggest economy have risen by more than the annual inflation rate, which in March stood at 2.2%, German news agency dpa reported.
An increase last year of 4.39% in the former West Germany and 5.86% in the less prosperous and formerly communist east completed efforts to bring pensions in the two parts of the once-divided country level more than 30 years after reunification.
Germany has a population of 84 million, including more than 21 million retirees.
Tunisia recovers the bodies of 19 migrants who attempted to cross the Mediterranean to Europe
Patrols near Kinmen 'beyond reproach'
Procuratorates advance public interest litigation
Xi calls for building broad consensus
From Nottingham to Glasgow, these are the 10 postcodes where landlords get the best returns
At UN, China calls for aid to make it to Gaza
Xi greets Sharif on election as Pakistani PM
Xi calls for building broad consensus
Jennifer Lopez looks terrified in new trailer for her sci
EU mulls boosting military spending, relying less on U.S.
Original Karma singer Brit Smith says JoJo Siwa 'has done nothing wrong' after re
2023 Zhejiang Agricultural Expo showcased about 14,000 types of agricultural products