Germany extends retirement age to 67 by 2031

Germany is continuing to gradually raise the retirement age. This policy affects millions of workers, extending the standard retirement age to 67 by 2031. The increase is part of efforts to finance the state pension system amidst demographic changes. Those born in 1961 will reach the standard retirement age of 66 years and six months in mid-2027, with the age rising by two months for each subsequent birth year. A recent survey indicated that 82 percent of Germans desire a fundamental reform of the statutory pension system. The current coalition government aims to maintain the pension level at 48 percent until 2031.