{"product_id":"growing-old-in-dignity-the-german-pension-system-on-trial-von-marco-honsberg-eugen-stumpf-benedito-de-almeida-carvalho","title":"Growing old in dignity","description":"\u003cp\u003eResearch Paper (undergraduate) from the year 2011 in the subject Politics - Political Systems - Germany, grade: 1,0, University of applied sciences, Düsseldorf, course: Economics - MBA, Master of Business Administration, language: English, abstract: This paper surveys the situation of the German pension system after a sequence of reforms\u003c\/p\u003e\u003cp\u003ewhich started as a fully funded system implemented by Bismarck during the 1880s, with a\u003c\/p\u003e\u003cp\u003emandatory retirement age of 70 years when male life expectancy at birth was less than 45\u003c\/p\u003e\u003cp\u003eyears. Today, life expectancy for men is more than 80 years.\u003c\/p\u003e\u003cp\u003eAfter a long and arduous debate in the German Bundestag, agreements on a comprehensive\u003c\/p\u003e\u003cp\u003epension reform resulted in the pension reform of 1957, which mainly established changes\u003c\/p\u003e\u003cp\u003esuch as the normal retirement age at 65, the retirement at the age of 60 for elderly\u003c\/p\u003e\u003cp\u003eunemployed, the retirement for women at the age of 60 and, at last, the introduction of\u003c\/p\u003e\u003cp\u003edynamic benefits indexed to gross wages which had an immediate impact on the economic\u003c\/p\u003e\u003cp\u003ewellness of current retirees.\u003c\/p\u003e\u003cp\u003eThereafter, the 1972 reform made the German pension system one of the most generous of\u003c\/p\u003e\u003cp\u003ethe world, as it mainly opened the public pension insurance system to all workers with\u003c\/p\u003e\u003cp\u003egenerous terms for back-payment of contributions and eased the terms and conditions for\u003c\/p\u003e\u003cp\u003eearly retirement by the implementation of the so-called ¿flexible retirement¿, as discussed in\u003c\/p\u003e\u003cp\u003echapter 1 of this paper.\u003c\/p\u003e\u003cp\u003eThe following pension reforms discussed in this paper are the ¿Riester reform¿ of 2001 with\u003c\/p\u003e\u003cp\u003ethe following main objectives: the sustainability of contribution rates in order to secure the\u003c\/p\u003e\u003cp\u003elong-term stability of pension levels and the spread of supplementary private pension savings,\u003c\/p\u003e\u003cp\u003eand continuing with the efforts of the Rürup commission which culminated in the ¿Rürup\u003c\/p\u003e\u003cp\u003ereform¿ of 2004 which the objective to stabilize contribution rates while at the same time\u003c\/p\u003e\u003cp\u003eensuring appropriate future pension levels.\u003c\/p\u003e\u003cp\u003eBased on the above, it can be concluded that on the whole the sequence of pension reforms in\u003c\/p\u003e\u003cp\u003eGermany has successfully converted what was once a so called monolithic Bismarckian public\u003c\/p\u003e\u003cp\u003einsurance system to an efficient multi-pillar. Given this situation, as discussed in chapter 2 of\u003c\/p\u003e\u003cp\u003ethis paper, the German pension system nowadays are based in a three-pillar system, consisting\u003c\/p\u003e\u003cp\u003eof the following elements: The first and most important pillar is universal and mandatory,\u003c\/p\u003e\u003cp\u003eorganized as a pay-as-you-go system. The second pillar is the voluntary occupational pension\u003c\/p\u003e\u003cp\u003esystem which is also universal and mandatory, but capital funded. The third pillar is also\u003c\/p\u003e\u003cp\u003ecapital funded, but organized as a voluntary private provision system.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783656049463\"\u003e\u003ch3\u003eThe German pension system on trial\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9783656049463","offer_id":39431941980253,"sku":"9783656049463","price":27.95,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/738934d0-a641-47bb-8162-3751dd7b880a.jpg?v=1777871805","url":"https:\/\/shop.autorenwelt.de\/products\/growing-old-in-dignity-the-german-pension-system-on-trial-von-marco-honsberg-eugen-stumpf-benedito-de-almeida-carvalho","provider":"Autorenwelt Shop","version":"1.0","type":"link"}