Reform of the pension system: Experts demand drastic measures!

Reform of the pension system: Experts demand drastic measures!

Athen, Griechenland - The current challenges in Austria's pension system call for urgent reforms. As kosmo.at , Gabriel Felbermayr, director of the WIFO, demands that the retirement age to 67 years and a coupling of this age to the average life expectancy. This proposal illustrates the demographic changes that result in the relationship between employed and pensioners from 4.5 in 1980 to only three in 2023. Forecasts suggest that this ratio could fall on alarming 1.7.

The current situation is also a result of the changes in other European countries. In Denmark, for example, the increase in retirement age is planned to 74 years by 2070, while in Greece the retirement age has been increased to 72.5 years. This development is seen by the Austrian experts as a warning, especially with regard to the drastic measures that Greece had to implement according to its state bankruptcy. tagesschau.de reported that many pensioners in Greece are under severe financial pressure due to early and massive pension.

financial burdens and reforms

The reports on the pension cuts in Greece illustrate the painful consequences of these political decisions. Pensioners like Yannis Agapitos have to live from only 960 euros a month, which in many cases is not sufficient to cover daily expenses. This situation is not only worrying for the pensioners themselves, but also shows the burdens that lie in the families, which are often dependent on the support of older family members. Pension expenses in Greece have increased greatly over the past decade, even if the individual pension payments have been reduced.

The need to reform the pension system in Austria is urgently emphasized by the experts to ensure a sustainable solution for future generations. The former head of the retirement security committee, Walter Pöltner, points out that many important studies and reports are ignored and that politics may not respond sufficiently to the challenges. It remains to be seen whether Austria will take similar steps to other European countries to ensure the stability of its pension system.