Pensions rise significantly – DER SPIEGEL

Pensions rise significantly - DER SPIEGEL

The more than 20 million pensioners in Germany will receive significantly higher old-age benefits from July. Pensions will increase by 3.45 percent in the west and 4.2 percent in the east. The Federal Ministry of Labor announced. As a result, pensions are growing somewhat faster than initially forecast.

The good economic development last year ensures higher pensions, said Labor Minister Hubertus Heil (SPD). Even in uncertain times, pension insurance stands for reliability, it was said. “You can rely on pension insurance, even in times of crisis.”

The current pension adjustment follows the good economic development in 2019. The wage increase relevant for the pension adjustment is 3.28 percent in the old countries and 3.83 percent in the new countries.

“The alignment of pension values ​​in East and West is also progressing,” said Heil. The level of old-age benefits in the east thus reached 97.2 percent of the west level. The total pension level is 48.21 percent of the average income.

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