Pensions Overseas: Germany's Pension Scheme Disburses 12,600 Pensions Abroad
Foreign pension payments distribute 12,600 benefits overseas - Foreign pension scheme disburses 12,600 benefits overseas
Hey there! Here's a heads-up about Germany's pension system. You might be amazed to know that the German Pension Insurance, specifically Mitteldeutschland, is currently dishing out around 12,600 pensions to individuals residing outside of Germany. Approximately 12,100 of these, amounting to about 96%, are sent to EU member states. This equates to roughly 0.8% of all pension payments by the German Pension Insurance in Saxony, Saxony-Anhalt, and Thuringia.
The German Pension Insurance shed some light on this during Europe Day on May 9, stating that there are no drawbacks for employees living and working in the European Union.
Now, around 3,600 pensions are handed out to German retirees living abroad. Around 3,300 of these reside in EU countries. Five years ago, there were still 2,200 payments, a substantial increase of 55%.
The figures from German Pension Insurance Mitteldeutschland indicate that an ever-increasing number of people from other EU states are securing jobs in Saxony, Saxony-Anhalt, and Thuringia and contributing to the pension insurance. In Saxony, for example, there were approximately 35,600 individuals a few counts ago, compared to 24,700 five years ago. This surge is largely due to the strengthening of the free movement of workers, making it easier for many EU residents to work in Germany.
In Saxony-Anhalt, around 18,600 individuals from other EU countries were working a few counts ago, compared to 12,100 five years ago. In Thuringia, the number grew from around 17,100 to about 24,300 within five years.
The Mitteldeutschland branch of the German Pension Insurance, based in Leipzig, is disbursing around 1.5 million pensions every month.
- German Pension Insurance
- Pension Insurance
- EU
- Mitteldeutschland
- Saxony
- Saxony-Anhalt
- Thuringia
Now, concerning the rise in pensions sent to EU citizens, there are no specific details available in the available data regarding the reasons for this increase over the past five years. However, the German pension system has seen reforms and discussions that could indirectly contribute to pensions sent abroad. For example, the German indexation formula for pensions, similar to that introduced in 2004, could influence the general trend of pension adjustments[2]. Furthermore, broader European policies and financial measures, such as those described by the EU and OECD, might indirectly affect pension payments due to economic integration and policy harmonization[1][3].
For more accurate data on the increase in German pensions sent abroad, it would be wise to consult specific reports or databases from German pension authorities or economic research institutions that track this data.
- The German Pension Insurance, specifically Mitteldeutschland, is responsible for disbursing approximately 12,600 pensions to individuals residing outside of Germany.
- Interestingly, around 96% of these pensions are sent to EU member states, equating to roughly 0.8% of all pension payments by the German Pension Insurance in Saxony, Saxony-Anhalt, and Thuringia.
- At present, around 3,600 pensions are handed out to German retirees living abroad, with around 3,300 of these residing in EU countries.
- The significant increase in pensions being sent to EU citizens can partly be attributed to the strengthening of the free movement of workers, making it easier for many EU residents to work in Germany.
- In Saxony, the number of individuals from other EU states working has increased from approximately 35,600 a few years ago to 24,700 five years ago.
- The industry, policy, and business sectors are potential areas where vocational training could play a crucial role in enabling more EU residents to work in Saxony, Saxony-Anhalt, and Thuringia, contributing to the pension insurance.
