The Pension Commission in Germany proposes major reforms, including raising the retirement age and eliminating the pension at 63 years old.

The Pension Commission in Germany is preparing a significant reform of the pension system, which could radically change the way millions of people plan their financial future. The proposals include raising the retirement age, expanding the taxpayer base, and introducing an investment-based component.

One of the most controversial measures is the elimination of the pension at 63 for those with 45 years of contributions, particularly affecting workers in physical jobs. Those who choose early retirement will face considerable financial penalties.

Additionally, the retirement age could be linked to life expectancy, gradually increasing up to 70 years. A new investment-based pension component could be introduced from 2028, and the reforms also target mini-jobs, imposing additional social contributions.

Public officials will not be integrated into the public pension system, but there are discussions about correlating their pensions with those in the public system. These changes could have significant effects on current and future generations.