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Austria between reforms and stability: What awaits us in 2025?
Austria is planning comprehensive pension reforms to dynamize the labor market, including new partial pensions and adjustments to the retirement age.
Austria between reforms and stability: What awaits us in 2025?
Austria is facing a profound change in the area of pension and social policy. The coalition government, consisting of blacks, reds and pinks, is planning to gradually equalize the retirement age for women to that of men. Women in Austria should reach the retirement age of 65 by 2033. These measures are part of a comprehensive reform package, which also includes the introduction of a new partial pension, described as a “very effective and smart measure”. In addition, adjustments to the corridor pension are planned that affect age limits and insurance periods in order to encourage people to work, such as kosmo.at reported.
The minister also announced a consolidation contribution of 2.9 billion euros in the pension sector by 2031, with half to be saved by 2028. Part of the savings results from a higher health insurance contribution for pensioners, but compensatory measures such as adjusting prescription fees and capping drug costs are planned. Political pressure for reforms was also initiated by the previous government, as the minister emphasized.
Federal government is pushing forward social reforms
At the same time, the federal government in Germany has made significant progress in the areas of labor and social affairs in order to improve people's living standards. The statutory minimum wage was raised to 12.41 euros on January 1, 2024 and will rise to 12.82 euros in January 2025. These changes are intended to particularly benefit employees in the low-wage sector so that they can lead a comfortable life. Millions of people will benefit from this increase to ensure they are adequately covered in old age federalgovernment.de reported.
In addition, the federal government has increased the income limits for mini and midi jobs and is committed to ensuring that employees in these categories receive more net of their gross. The minimum wage limits were raised in order to make it easier to access employment subject to social security contributions and to prevent abuse through overspending in mini-jobs. These reforms aim to improve social protection and collective bargaining coverage in various sectors in order to promote fair wages through public contracts to collectively agreed companies.