GERMANY - Germany's labour minister and vice chancellor, Franz Müntefering, announced that state pensions would be increased by 0.54% from July 1.
Speaking on German TV, Müntefering said it would cost the state approximately €1.2bn to fund the increase for the country’s 20 million pensioners.
Germany’s pension payouts have remained frozen for three years, due to high unemployment and poor economic performance. However, last year saw the first signs of improvement.
Müntefering stressed that finding work for Germany’s numerous unemployed was the priority and would lead to pensions rising further. Some 1.2 million people over the age of 50 are out of work in Germany.
Earlier this month, union members within the German Federation (DGB) felt moved to protest when a law was passed by the lower house raising the retirement age from 65 to 67.
If passed by the upper house, the retirement age will gradually rise from 2012 until it reaches the new agreed level in 2029.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.