Pensions in Germany forgo a percentage of their state pension. 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
Old Age Allowance proposal for a means test. In July 2012, Chief Executive C. Y. Leung announced the new Old Age Living Allowance, which would provide monthly payments of HK$2,200, roughly double the existing OAA, to applicants who met a means test. By June 2013, three months after the OALA scheme had begun, there were more than 310,000 recipients, mostly former NOAA recipients between the ages of 65 and 69 who had been automatically converted to the new OALA scheme. Old Age Allowance Old Age Allowance, colloquially known as fruit money, is a Hong Kong government programme introduced in 1973 which provides monthly