- Inadequate retirement benefits for numerous laborers in Rhineland-Palatinate.
Despite numerous years of service, numerous workers in Rhineland-Palatinate continue to face modest retirement benefits. Around 299,000 full-time, socially insured employees in this region could receive a pension of up to 1,300 euros following 45 years of consistent contributions, as suggested in a government response to a query from BSW party founder and Bundestag member Sahra Wagenknecht, which was obtained by the German Press Agency in Berlin.
However, the Federal Ministry of Labor counters that the premises outlined in the inquiry are unreasonable - specifically, maintaining a consistent income ratio throughout one's entire employment period. The government response reveals that approximately 408,000 people in Rhineland-Palatinate would receive less than 1,300 euros in retirement benefits after 40 years of insurance, assuming they constantly earned as much as they do presently.
Since 2012, the standard retirement age has been steadily increasing from 65 to 67 years. For long-term insured individuals, 35 contribution years are necessary to qualify for a retirement pension, while 45 years are required for a retirement pension for particularly long-term insured individuals. Members of certain age groups can retire without penalties prior to their 67th birthday if they have contributed for 35 years. For all those born in 1964 or later, the retirement age remains at 67 years, even after 35 years of contributions. In theory, one can retire earlier without penalties after a 45-year insurance period.
Federal Employment Agency: Employment Statistics
Despite the increase in the standard retirement age, some individuals in Rhineland-Palatinate might still struggle with limited retirement benefits. Consequently, they may need to reconsider their retirement plans and savings strategies.
