German workers retiring later in life

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27 Jul, 2011 Updated Wed 27 Jul 2011 07:52 CEST
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Workers in Germany are retiring later, new figures reveal, providing welcome news amid fears that Europe’s largest economy will suffer in years to come because of its ageing population.

Daily Bild reported on Wednesday that data from the German Pension Insurance Federation showed that in the past year, the average retirement age had risen both for men and women.

In the past year, the average age for men rose from 63.5 to 63.8 years old, while for women the age climbed from 62.9 to 63.3. These were the oldest average ages

While the increases seem slight, taken across the economy they provide a much-needed shot in the arm to the workforce, which experts say faces a demographic crisis amid low birthrates and an ageing population.

Germans in the former West German states worked longer on average than those from the former East. Western men worked until 63.9 and women until 63.6. In the East, the average man retired at 62.9 and the average woman at 61.6.

Disability retirement ages have also risen. For men, the age is now 50.9, the oldest since 2002. For women, it is 49.8, the highest age since 2001.

The Local/djw



2011/07/27 07:52

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