The average pension for women who have just retired was 1,645.01 euros in 2023 and has increased. For men, the average pension was 2,596.62 euros, which remained virtually constant. Yet men still receive almost 58 percent more pension than women.
According to the pension insurance figures, there was also a record number of new retirements last year: this is due to the baby boomers who are retiring. The record of 123,289 new additions (all types of pensions are measured here) in 2022 was surpassed again in 2023 with a number of 126,253.
The average retirement age for women was again 60 years, while men retired at 62.1 years (2022: 61.9 years). As regards pure old-age pensions, the average retirement age for women was 60.6 years and for men 63.3 years.
According to pension insurance, the number of compulsorily insured persons continued to develop positively and increased from an average of about 3.6 to about 3.7 million people during the year.
The total volume of pension insurance amounts to approximately 50 billion euros, with the largest item in terms of premiums being pension costs with approximately 42 billion euros – an increase of approximately 8.9 percent compared to 2022. The total premium income for insured persons amounted to almost 40 billion euros. euro, an increase of more than eight percent. The federal government’s liability for default, i.e. the amount by which expenditure exceeds revenue, amounted to 6.85 billion euros, 14 percent more than in 2022.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
