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
Public pensions in Greece point over the past decade on OECD's scale (ranked 0 to 10); a sharper decrease than any other OECD country. Greek austerity packages Economy of Greece Greek government-debt crisis Greek government-debt crisis countermeasures Public pensions in Greece Public pensions in Greece are designed to provide incomes to Greek pensioners upon reaching retirement. For decades pensions in Greece were known to be among the most generous in the European Union, allowing many pensioners to retire earlier than pensioners in other European countries. This placed a heavy burden on Greece's public finances which (coupled with an aging workforce) made the Greek state