Pension reform under pressure: Is the starting age finally raised?

Pension reform under pressure: Is the starting age finally raised?

Laimgrubengasse 10, 1060 Wien, Österreich - In Austria, the pension system is increasingly under pressure. Ingrid Korosec, President of the Austrian Senior Association, now calls for an adaptation of the factual retirement age to the statutory age of 65. According to Korosec, this measure would save the state around 2.8 billion euros annually. In addition, the starting age for women will be adjusted to men by 2033, which could reduce the state grants for a total of around 10 billion euros. Currently, around 44 percent of people between the ages of 55 and 64 do not end their gainful employment on regular termination, but on sick leave or unemployment. The figures show that men in 2023 were only up to 62.2 years in average, which underlines the urgency of these reforms. Korosec appeals to those responsible in the government to deliver facts and to act quickly instead of fueling fears, such as "https://www.ots.at/presseaus-sung/ots_20241219_ots0135/korosec-anption-factic-an- Antestalter-10-mrd" target = "_ blank"> ots.at reported.

political challenges and future of the pension system

The last comprehensive reform of the pension system has been 20 years ago, and many experts warn that the pressure on reforming is growing. Christoph Badelt, President of the Fiscal Council, emphasizes that the aging of the company will have a negative impact on the pension and care costs. This could lead to considerable financial burdens in the future. One possible solution would be to gradually increase the statutory pension age in view of the increased life expectancy. At the moment, men retire on average at around 62 years and women at around 60, which is reminiscent of the conditions of the 1970s. The retirement security commission was founded in 2017 to monitor the financial stability of the pension system. A new chairman, Christine Mayrhuber, takes on this challenge, such as reports the press .

The challenges are clear: expenditure on statutory pension insurance could increase from EUR 12.7 billion to 21.8 billion euros by 2028. This is caused by an increasing number of pension access and high inflation. Despite the opposite forecasts by those responsible in the Ministry of Social Affairs, there is a need for action to successfully carry out the adjustments. However, party -political discussions are often in the foreground, while essential reforms fall by the wayside. It is clear that the pension dialog has to achieve a new level of seriousness and transparency in order to enable positive changes.