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According to media reports, pensions are set to rise in 2023
Pensions are expected to increase in 2023. photo
© Christin Klose/dpa/dpa
Good news for pensioners: In the coming year, their payments are expected to increase. There should also be a pleasing development in the contribution rate.
According to the “Bild am Sonntag”, pensioners in Germany can expect an increase in their salaries in the coming year. As the newspaper reported on Saturday evening (online) based on the new pension insurance report, pensions are expected to increase by 3.5 percent in western Germany and by 4.2 percent in eastern Germany as of July 1, 2023.
Federal Labor Minister Hubertus Heil (SPD) told the newspaper: “According to the data now available, pensioners can again expect a noticeable increase in pensions in the summer.”
As the newspaper further reported, the contribution rate should remain stable at 18.6 percent until 2026. In 2027 it will then rise to 19.3 percent and by 2030 to 20.2 percent. Minister Heil said that – contrary to many forecasts – it was possible to keep the contribution rate stable for longer than expected. This is good news, especially in the current cost crisis, “that working people can rely on the fact that the contribution rate will not increase”.
According to the newspaper, the pension level is currently just over 48 percent. As “Bild am Sonntag” writes, the pension level will remain relatively constant until 2024. Statutory stop lines will apply until 2025. They say: The pension level must be at least 48 percent, the contribution rate must not be more than 20 percent. Heil announced the next pension reform: “Next, we will take care of keeping the pension level stable in the long term, well beyond 2026. We will also pay attention to the development of contributions.”