Social Affairs Minister Hubertus Heil announced a 3.74% increase in statutory pensions effective July 1st, resulting in an average monthly boost of €66.15. This increase aims to protect pensioners' purchasing power amid stable wage developments in the labor market. A minimum pension rate of 48% of average wages will be maintained until July 2025. The announcement highlights the government's commitment to ensuring fair pension adjustments for those who have contributed to society through decades of work, even amidst ongoing coalition discussions.
"The favourable wage development will once again lead to a pension adjustment that will strengthen the purchasing power of pensioners," Heil said in Berlin.
"Stable pensions are not a luxury, but a question of fairness for people who have worked hard all their lives."
"Last year, the labour market remained stable despite all the crises and there were decent wage settlements," the SPD minister told the Süddeutsche Zeitung.
"Currently, the average salary in Germany is around €3,260, putting the 48-percent standard pension rate at €1,565 after social contributions."
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