Increasing the retirement age to 70 is being suggested by economists in order to address the effects of high inflation related to the labor market.
More and more retirees are making up fewer and fewer workers, says economic researcher Gunder Snable at BILD, and suggests – to mitigate rising prices – link work to increased life expectancy. “The retirement age must be raised. Germany already has a huge problem, hundreds of thousands of skilled jobs remain vacant,” he said, adding that wages would have to rise significantly in the coming years, making goods and services even more expensive.
For his part, Stephen Kutz, vice-president of the Kiel Institute for Global Economy, said that “the combination of an aging population, high debt and energy transitions will pose a growing threat to price stability in the coming years.”
However, according to current regulations, in Germany the retirement age will be gradually increased by 2029 from 65 to 67 years for full retirement.
Source: AMPE
Source: Capital
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