Pension system under pressure: government has to act!

Pension system under pressure: government has to act!

Laimgrubengasse 10, 1060 Wien, Österreich - The discussion about the pension situation in Austria is becoming increasingly pressing. The Economic Research Institute (WIFO) warns that tens of thousands of pension recipients are faced with considerable cuts in their services, which can reduce the initial services of up to two thirds. This happens because the pension funds cannot deliver the required income, which has led to massive losses in negative years. Again and again political parties, like the FPÖ, draw attention to this grievance and demand urgent measures from the government. According to Peter Weller, chairman of Pekabe, beneficiaries have been abandoned for years, while pension cuts were considered to be acceptable. In a latest Kurier where the need for long-term solutions is emphasized.

The need for reforms is evident, especially in view of the rapidly increasing life expectancy and the associated challenges for the pension system. It remains to be seen how the new government is concerned with this problem and what measures are taken to sustainably improve the pension situation.