- Palatinate Residents Increasing Their Work Hours in Rhineland
People in Rhineland-Palatinate have adapted to longer workdays, as per the German Pension Insurance (DRV). As a result, the retirement age has crept up slightly in 2023, surpassing 64 years, according to DRV Rhineland-Palatinate spokesperson Hans-Georg Arnold to the German Press Agency in Mainz.
Only 22% of new retirement benefits now come with deductions, at a rate of 0.3% per calendar month. In contrast, back in 2013 (when the retirement age was lower), a staggering 36.7% of new retirement benefits included deductions.
In 2023, an astounding 1,329 new retirement benefits even had an addition (0.5% per month) due to individuals continuing to work past the standard retirement age, accounting for more than 5% of the total.
The number of retirement benefit applications rose by 5.2% to 52,246 in 2023, as more individuals from the baby boom generation reached retirement age. The number of new retirement benefit recipients also increased compared to the preceding year, witnessing a 11.2% jump in regular retirement benefits to 10,560.
Both men and women contributed more years towards their retirement benefits, as revealed by Arnold. This surge is due to increased and prolonged workforce participation. Over half of the insured had worked for at least 45 retirement benefit years before retirement, with women averaging 36.4 years and men averaging 42 years.
Over half of the insured held socially insured jobs before retirement, with an upward trend. Arnold attributed this trend to the high demand for skilled workers, in addition to prevention and job-oriented rehabilitation, along with rising retirement ages and retirement benefit deductions.
Women's retirement benefits typically included an average of 60.7 months (over 5 years) of child-rearing time. Of the 645,611 retirement benefits distributed last year, approximately 54,300 were sent to recipients residing abroad, with many settling in France and Luxembourg.
Due to the adaptability of the Rhineland-Palatinate population to longer workdays, as mentioned by Hans-Georg Arnold, the spokesperson for DRV Rhineland-Palatinate, the retirement age has significantly increased in 2023, exceeding 64 years. Interestingly, a notable number of retirement benefits in Rhineland also included an addition due to individuals continuing to work past the standard retirement age, accounting for more than 5% of the total.
