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Early Retirement at 63: Fair Compensation or Pension Giveaway?

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  • Anika Rasner

Abstract

After Easter, Germany's new labor and social affairs minister Andrea Nahles will be presenting the grand coalition's first major reform proposal for parliamentary debate: a bill to improve the benefits provided under the statutory pension system. A centerpiece of the reform package is early retirement on a full pension at 63 for those who have been paying into the state pension system for a long period of time. In defense of the proposal, Nahles has launched an information campaign emphasizing that "It's not a giveaway; it's earned." Critics, however, call early retirement at 63 a costly political gift to favored groups of voters with dubious social policy value, and warn that it could unleash a new wave of early retirement. In their view, the reform could undermine recent successes in securing the long-term financial sustainability of the pension system and in gradually extending working life.

Suggested Citation

  • Anika Rasner, 2014. "Early Retirement at 63: Fair Compensation or Pension Giveaway?," DIW Roundup: Politik im Fokus 9, DIW Berlin, German Institute for Economic Research.
    • Handle: RePEc:diw:diwrup:9en
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    File URL: https://www.diw.de/documents/publikationen/73/diw_01.c.441593.de/DIW_Roundup_9_en.pdf
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    Cited by:

    1. David Wright, 2015. "How Have Employment Transitions for Older Workers in Germany and the UK Changed?," SOEPpapers on Multidisciplinary Panel Data Research 782, DIW Berlin, The German Socio-Economic Panel (SOEP).

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