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.
Lala Kent pens a heartfelt tribute to her father on the sixth anniversary of his tragic passing
Xi stresses winning tough, protracted battle against corruption
Kingsley Coman adds to Bayern Munich injury list and a doubt for Champions League match
Revealed: Parliamentary aide, 29, and an ex
Macao SAR Legislative Assembly approves chief executive election law amendments
Top legislature to review bills on patriotic education, safeguarding national secrets
Xi calls for letting internet better benefit people of all countries
Epiphanny Prince retires from basketball after a 14
Xi: Advance cause pioneered by Mao
Hundreds of German police subdue 'hooligans' in training exercise for Euro 2024
Leaders highlight goals, tasks in talks