GERMANY: PENSION REFORM The government is pursuing a plan to avert bankruptcy of the pension system. Pensions would be lowered to 64.5 percent of final salary from 70 percent by 2030, and contributions from employers and employees would be increased to 22 percent. Payments of 4 percent of earnings into a private supplement would be phased in. Victor Homola (NYT)
Notice the claim "to avert bankruptcy."
This looks suspiciously like partial privatization. And worse than Kohl's Koalition attempted.
Johannes, what is going on? Any details?
-- John K. Taber