Wednesday, 28.10.15 , written by Anja Schlicht The strong pension increase in 2016 does not seem to stand in the way. The Federal Cabinet passed today the budget of the German Pension Insurance Association (DRV) and thus the pension increase 2016. According to them, the pensions for the approximately 20 million recipients could increase neatly by up to 5 percent. >
Already at the beginning of the month, there was speculation about the significant pension increase in 2016. Now the federal cabinet has passed the pension adjustment in the course of the debate on the budget of the German Pension Fund for the coming year, reports the news agency AFP. While pensioners in the West can now look forward to 4.35 percent more retirement benefits, the pension increase in 2016 in eastern Germany is even 5.03 percent . Thus, the pensions increase significantly compared to the last two years. In 2015, the pension value was adjusted by 2.1 percent (West) and 2.5 percent (East), 2014 by 1.67 percent and 2.53 percent respectively.
Update March 21, 2016: The numbers for the 2016 pension increase are now official. In the east, the increase is even higher, in the west, the adjustment is slightly lower than the forecast.
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According to Alexander Gunkel, the head of the federal governing body of the DRV Bund, for “East and West together, there is the prospect of being the biggest pension adjustment since the turn of the century.”
There are two main reasons for the pension adjustment in 2016, which is good for seniors. On the one hand, the reduction in the pension contribution as of 1 January 2015 has a positive effect on the calculation of pensions. On the other hand, in 2016 a one-off statistical effect will be compensated, the cause of which was EU standards in the level of average wages.
The amount of the 2016 pension adjustment will definitely be secure in the spring of 2016.
Tip: Find out more about the pension adjustments for the years 2005 to 2015 here.
Here you will find tips and further information on old-age provision. >
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