BERLIN (Dow Jones)–Last year, employees retired earlier on average and with higher retirement benefits than in previous years. As the Bild newspaper reports, citing figures from German pension insurance, a total of 1.435 million employees went into retirement in 2021.
On average, men switched to old-age pensions at the age of 64.05. In 2020, the retirement age was still 64.07 years. Women retired at the age of 64.18 compared to 64.24 in the previous year.
The old-age benefits of new pensioners were higher than in previous years. In the case of disability pensions, men received an average of EUR 956 (2020: EUR 914) net and women EUR 882 (EUR 851). Men received 1,204 euros (2020: 1,171) net and women 856 euros (2020: 827) in old-age pensions.
The highest average pensions were given to seniors who retired after 45 insurance years (“pension at 63”) with no deductions. After deducting health and long-term care insurance contributions, the average pension payment for men was EUR 1,579 and for women EUR 1,235.
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(END) Dow Jones Newswires
May 24, 2022 02:43 ET (06:43 GMT)