The German government should increase the retirement age of its citizens, advised the central bank of Germany, Bundesbank. Presently, the retirement age is around sixty-five, which, itself, is very high compared with other countries. Now, the bank suggests that the citizens of Germany may have to work until the age of sixty-nine. It seems that the new suggestion is likely to receive wide criticism from the working population across the country. Anyway, the bank justified their move, saying if the government does not increase the retirement age it will struggle in meeting its pension commitments. The central bank pointed out that even if our country is currently in a good financial state we are slowly moving towards a financial crisis, so we must be prepared to overcome those situations.
The Bundesbank, situated in the German financial capital, Frankfurt, is the member of European System of Central Bank. It is one of the most influential banks in the ESCB, so its suggestions always gain a positive response from the European countries. Earlier, Germany introduced a project to increase the retirement age of their citizens to nearly sixty-seven by 2030. Presently, the Germans receive a huge pension of over forty-three per cent of the average income. However, experts opined that a sudden increase in the retirement age may create some unnecessary problem. Moreover, even a slight decrements in the pension level is unthinkable, they added. The government can slowly implement the program if they plan the implementation process properly, they further added. It is learned that the Germans are keener to secure their future than any other Europeans. This ageing country really deserves a huge retirement fund.
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