GERMANY - Despite being told their state pensions would be frozen until 2009, 20 million German pensioners are set to receive an increase of 0.54% to their monthly income on 1 July.
The approval for the increase was confirmed by ministers yesterday in Berlin.
Government liabilities would rise by €1.2bn to cover the increased payment, but this would be funded by an economic upturn and lower unemployment, according to the labour ministry.
The country’s unemployment rate fell from 9.3% to a six-year low of 9.2% in March, increasing tax revenues which bolstered social service funds.
In March union members within the German Federation (DGB) protested 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 would gradually rise from 2012 until reaching the new agreed level in 2029.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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