Germany to Gradually Raise Retirement Age to 70 by Early 2090s

The German government has decided to push for a gradual increase in the retirement age from the current 67 to 70 to cope with an aging society, according to foreign media reports.

As reported by the British daily The Guardian and other outlets on June 23 (local time), the German government plans to extend the retirement age to 70 by the early 2090s as part of its pension reform package.

Germany, considered one of the developed nations with a rapidly aging population, formed a committee of experts last year to draft the pension reform plan.

The initiative was aimed at addressing the challenges posed by aging and low birth rates, which have led to a shrinking workforce contributing to the pension system and an increasing life expectancy for retirees receiving benefits.

In presenting their findings on that day, the expert committee recommended, "The retirement age for pension eligibility should be gradually extended to 70 by the early 2090s in line with life expectancy."

German Chancellor Friedrich Merz emphasized in a press conference that the reform is intended to "ensure the stability of the pension system and distribute the pension burden fairly across generations," adding that the plan must be pursued swiftly.

According to the latest statistics, approximately 19 million people, or 23% of Germany's population, were aged 65 or older as of 2024.

In 1991, the population aged 65 and over accounted for only 15% of the total population.

Germany's average life expectancy was 78.5 years for men and 83.2 years for women.

The expert committee also recommended that mandatory pension contributions from employees and employers be invested in the stock market to enhance and increase the value of pensions for future generations.

The recommendations also included expanding mandatory pension contributions to include civil servants and the self-employed, as well as abolishing the early retirement scheme at age 63.

While the German government is pushing for the swift implementation of the reform, it is expected to face resistance, as some sectors, including labor groups, argue that it amounts to telling people to "work longer and work harder."

The reform plan must undergo parliamentary discussion and a vote before it can be implemented.

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.