To save pensions: Bundesbank boss wants comprehensive reforms

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Written By Pinang Driod

BERLIN. Bundesbank President Joachim Nagel has spoken out in favor of this to link the retirement age to the life expectancy of the population. The economist also suggested creating incentives for overtime. “We need to think about making it easier for retirees if they want to continue working alongside their pension,” he said in an interview with the Daily mirror.

According to Nagel, Germany will not be able to maintain prosperity in an ageing society without making changes. According to this report, 40 percent of employees at the Bundesbank alone will retire in the next ten to twelve years: “I believe that reforms are inevitable at this point.” Nagel stressed that Germany must “fundamentally” ensure that everyone who wants to work, should be able to work, for example by expanding childcare.

In addition to pension reforms, Nagel also believes immigration is important

The Bundesbank chief also called immigration “important.” “Otherwise we will not be able to close the skills gap,” he warned. He complained that he was “often asked” abroad whether investments in Germany were possible. In this context, Nagel admitted to having taken part in the winter protests against the AfD. “If the secret meeting for ‘remigration’ became known, I, like many people, took to the streets and took part in a demonstration for the first time in my life.”

Nagel was appointed as successor to Jens Weidmann as President of the Bundesbank in 2022. By virtue of his position, he is also a member of the Council of the European Central Bank. He is involved with the SPD, for whose board he worked as an advisor on economic and financial policy between 1994 and 1997. (kuk)

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