The Reform Process of the German Pension System：德國的養(yǎng)老保險制度改革過程

1、The Reform Process of the German Pension SystemInternational Forum on Pension ReformBled, Slovenia, June 7 June 9, 2007Konrad HakerFederal Ministry of Labour and Social AffairsContentThe German Pension SystemDemographic ChallengesReform Process“Riester-ReformOld Age Pension Insurance ActRetirement A

2、ge Adjustment ActFinancial Sustainability and AdequacyConcluding Remarks2Key Characteristics of the Statutory Pension Schemeearnings related PAYG system based on pension pointsincludes old age, disability and survivors pensionsprovides specific benefits for child care51,4 mil. insured, 20 mil. pensi

3、onersexpenditures: 236 bil. 10,2% of GDPrevenues: 74% contributions, 25% subsidies3Pension Entitlementscontribution based on average earningsfor one year one pension pointsum of personal pension points are multiplied byupension type factor (1.0 for old age pension at the age of 65)upension point val

4、ue (currently 26.13 )annual indexation of pension point valuepension point value is applied on new retirees as well as on all existent pensioners4Demographic Challengesincreasing life expectancylow fertility ratesincreasing old-age dependency ratiou1960: 18,0%u2005: 31,0%u2050: 58,1%5Financial Risks

5、6Reform Process since 199071992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 20061992pensions reformPension transfer for New Federal LnderAct on Old-age Part-time WorkGrowth and employment Promotion ActAdditional federal subsidySafeguarding flexible working hour arrangementsNew a

6、rrangement on marginal employmentReform of disability pension schemeIntroduction of “Riester pension“Old-Age Income ActOld-Age Pensions Insurance Sustainability ActStatutory Retirement Age Adjustment ActPrincipal Axes of the Reformsinsure the financial sustainability of the pension systemfocal point

7、s ustrengthen the 2nd & 3rd pillarufair burden sharing between generationsuadjustment of the retirement age to the increase of the life expectancytransparency of the reform process and the evolution of future pensions8Recent Reforms (I)“Riester-Reform (2001)creation of a state subsidised capital-fun

8、ded voluntary old-age pension provision in the second and third pillarOld Age Pension Sustainability Act (2004)modification of the indexation rule (sustainability factor)legally fixed target values up to 2030: contribution rate 43%9Recent Reforms (II)Retirement Age Adjustment Act (2007)increase of t

9、he statutory retirement age from 65 to 67 transition process between 2021 and 2029 new statutory retirement age of 67 applies for the birth years 1964 and onwardsstrengthen the employment of older people “Initiative 50plus national employment targetemployment rate 55-64: 55% until 202110Impact on the replacement rate11Impact on Contribution Rate12Concluding RemarksGermany has gone a long reform processthe challenge is to find the e