Bloomberg News

German SPD Considers Boost in Retirement Spending, Spiegel Says

June 24, 2012

Germany’s opposition Social Democratic Party is considering a pledge to scrap cuts in state retirement benefits that would boost public spending by at least 25 billion euros ($31.4 billion) per year from 2030, Der Spiegel said, citing an internal party document.

The proposal, which is being debated by party officials and may not become policy, calls for stopping a planned decline in retirement benefits to 43 percent of average income by 2030 and a minimum monthly benefit of 850 euros, the German magazine reported in an e-mailed version of an article today.

SPD party head Sigmar Gabriel declined to comment on the reported plan, Der Spiegel said.

To contact the reporter on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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