The Council of Ministers adopted, on Wednesday November 29th, the gradual raise of the retirement age from 65 to 67 years old, combined with an increase of contributions to the pensions system. The contribution rate will increase from 19.5% to 19.9% on January 1st 2007. (Ref.061209)
The draft law raising the retirement age (see story n°061064) was adopted by the government last Wednesday. It is now scheduled to go the federal assembly before Christmas. Despite strong critics from part of the left and trade unions, its adoption by both chambers of the Parliament (Bundestag and Bundesrat) is certain. The law will raise by 2 years the legal retirement age, starting in 2012 and until 2029. People born in 1947 will be the first ones affected (65 and one month). Those born in 19
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