Pensions in Germany Pensions in Germany Pensions in Germany are based on a “three pillar system”. The scheme is based on the pay-as-you-go (or redistributive) model. Funds paid in by contributors (employees and employers) are not saved (or invested) but are used to pay current pension obligations. Civil servants in Germany do not pay any contributions themselves but their salaries are correspondingly lower than those in the private sector. Recent changes to the system mean that from 2012 to 2023 the retirement age will go up to 66 by 2023. From 2023 the retirement age will be increased by two months each year,
Pensions in Armenia to the stabilization of the economy in the country, and later on to its rapid development. Pensions in Armenia Pensions in Armenia incorporate the following components: Pillar 0 or Social pension (benefit), Pillar 1 or Employment pension, Pillar 2 or Funded pension, Pillar 3 or Voluntary pension. Before the implementation of the Pension Reforms, the Pension security system of Armenia was characterized as a PAYE (pay-as-you-earn) pension system financed on the principle of the solidarity of generations. The system actually performed a distributive function; the payments were made by employees, employers and individual entrepreneurs to the State budget, of which