Pension system in danger? Increasing unemployment is burdening the financing!

Pension system in danger? Increasing unemployment is burdening the financing!

Laimgrubengasse 10, 1060 Wien, Österreich - On December 3, 2024, the retirement security commission presented its long -term report on statutory pension insurance. According to AK President Andreas Stangl, the report shows that the Austrian pension system will remain in the long term by 2070 despite increasing expenses. Expenditures for pension insurance are expected to increase from 5.7 to 6.8 percent of the gross domestic product. While expenditure for civil servants from three percent in 2023 decreased to only 0.6 percent in 2070, the values show a significant shift - less and less public servants are referring to civil servants and more rely on general pension insurance. As Social Ministry , this development is also a reaction to the demographic changes and the aging population.

The key to a stable pension payment lies in the positive development of the number of employment. Stangl emphasized that women between 55 and 65 years until 2070 should increase by over 24 percentage points. In view of the currently high unemployment, especially among older employees - unemployment rose by 23.1 percent in women and 17.5 percent in men over 50 compared to the previous year - the Chamber of Labor demands more investments in labor market policy. This could have a double effect: unemployment could be reduced, while at the same time the expenses for the pension system are reduced, as Stangl expressly formulated in his opinion.

according to the reports of Social Ministry are detailed studies available on the pension system and retirement provision, the comprehensive insights in the connections between employment biographies and Provide pension and offer their effects. These create an important basis for further political decisions with regard to the securing of retirement care in Austria.