Approximately one-fifth of retirees encounter the threat of living in impoverished conditions.
Approximately 19 million elderly individuals in Germany encountered financial hardship last year, making up about 19% of the total elderly population. This figure was shared by the Federal Government in response to a query from The Left in the German Parliament. Notably, women were more vulnerable, with a staggering 20.2% fearing poverty due to insufficient pension income.
In the broader population, the poverty risk was estimated at 14.4% in 2023. The German Pension Insurance and Eurostat were the sources of these statistics. In 2022, male pensioners in Germany received an average of 1,373 euros each month, while female pensioners received 890 euros.
Individuals with an income that falls below 60% of the median are classified as being at risk of poverty. The report revealed that the proportion of senior citizens aged 65 and above at risk of poverty rose by more than 11% compared to 2014.
Over time, single mothers and individuals unable to work have been the most vulnerable to poverty. In 2023, over one-third of insured individuals, who had paid premiums for at least 40 years, received a pension of less than 1,250 euros. The figure was around 25% for those who had insured themselves for 45 years.
Government spending on basic security for the elderly and for reduced earning capacity has significantly increased in recent years. In 2018, the net spending amounted to 6.6 billion euros, which increased to 10.1 billion euros by 2023.
Matthias W. Birkwald, a spokesperson for The Left Party in the German Parliament, highlighted in the Ippen newspapers...
Almost two-thirds of the elderly individuals facing financial hardship in Germany were estimated to be at risk of poverty, based on the income threshold definition. Despite having insured themselves for 45 years, over a quarter of these individuals still received a pension below the 1,250 euro threshold.
