Austria and Germany both have pay-as-you-go pension systems.
So the part of the population of working age pays for people of retirement age.
And after joining the pension the former working people are provided by the next generation.
As far as demographic change is concerned the population pyramids of both countries are almost identical. This is no coincidence as both countries have a similar story.
[1]
[2]
The financial situation of pension systems on the other hand, could not be any different.
In Germany the contribution rate to the statutory pension insurance is 18.9 percent and the employee and employer each take on 9.45 percent.
The standard retirement age for women and men is 62.7 years.
And there are 35 pensioners for 100 depositors.
Thus the share of income from pension insurance in the federal budget at 23.6 percent.
After at least 45 years of contribution an average pension of 50% of the average earnings remains.
That's just over the poverty line.
In Germany there is still the private pension system of the Riester pension. However if the pension is below the basic security then the Riester pension is counted. [3,S.15] [3,S.16] [4,S.217] [4,S.266]
In Austria the contribution rate to the statutory pension insurance is 22.8 percent employees take over 10.25 and employers take over 12.55 percent. The standard retirement age for women and men is 62.7 and 60.2 years. On 100 depositors then come 30 pensioners. Thus the share of income from pension insurance in the federal budget at 22.7 percent. After at least 45 years of contribution, an average pension of 92 percent of average earnings remains. After min. 45 years of contribution makes Austria much more for people. [3,S.15] [3,S.16] [4,S.217] [4,S.266]
Today the German pension level is far behind in the list of the OECD while Austria occupies a leading position. The question therefore arises as to why Germany as the supposedly richest economy in Europe has a significantly lower pension level than small Austria. An essential part of the answer is the reduction of the future payout amount of the statutory pension insurance within the framework of the wage restraint agenda 2010.
[1] demographics Germany/Demographie Deutschland
https://de.wikipedia.org/wiki/Deutschland#Bevölkerung
[2] demographics Austria/Demographie Österreich
https://de.wikipedia.org/wiki/%C3%96sterreich#Bevölkerungsbewegung
[3] ALTERSSICHERUNG IN DEUTSCHLAND UND ÖSTERREICH: VOM NACHBARN LERNEN?
http://www.boeckler.de/pdf/p_wsi_report_27_2016.pdf
[4] Pensions at a Glance 2015 OECD anD G20 indicators
http://www.oecd.org/berlin/publikationen/pensions-at-a-glance-2015.htm
As far as demographic change is concerned the population pyramids of both countries are almost identical. This is no coincidence as both countries have a similar story.
In Germany there is still the private pension system of the Riester pension. However if the pension is below the basic security then the Riester pension is counted. [3,S.15] [3,S.16] [4,S.217] [4,S.266]
In Austria the contribution rate to the statutory pension insurance is 22.8 percent employees take over 10.25 and employers take over 12.55 percent. The standard retirement age for women and men is 62.7 and 60.2 years. On 100 depositors then come 30 pensioners. Thus the share of income from pension insurance in the federal budget at 22.7 percent. After at least 45 years of contribution, an average pension of 92 percent of average earnings remains. After min. 45 years of contribution makes Austria much more for people. [3,S.15] [3,S.16] [4,S.217] [4,S.266]
Today the German pension level is far behind in the list of the OECD while Austria occupies a leading position. The question therefore arises as to why Germany as the supposedly richest economy in Europe has a significantly lower pension level than small Austria. An essential part of the answer is the reduction of the future payout amount of the statutory pension insurance within the framework of the wage restraint agenda 2010.
[1] demographics Germany/Demographie Deutschland
https://de.wikipedia.org/wiki/Deutschland#Bevölkerung
[2] demographics Austria/Demographie Österreich
https://de.wikipedia.org/wiki/%C3%96sterreich#Bevölkerungsbewegung
[3] ALTERSSICHERUNG IN DEUTSCHLAND UND ÖSTERREICH: VOM NACHBARN LERNEN?
http://www.boeckler.de/pdf/p_wsi_report_27_2016.pdf
[4] Pensions at a Glance 2015 OECD anD G20 indicators
http://www.oecd.org/berlin/publikationen/pensions-at-a-glance-2015.htm
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