This means that the pension rights of the principal to retire sooner or later to obtain funds in the total difference is very limited, many people, and the delayed retirement age, to extend the access time of the wage. Objectively, giving priority to efficiency "dual track" to implement and maintain a high level of productivity in the economy and society in general the same time, rather that the "efficiency" to alleviate the financial burden of the German Federal Government.
Since the beginning of the 21st century, the German pension reform, regardless of speed or direction, with the German socio-economic development of the overall trend is highly consistent. In addition World Pipe network informed, the investment choices of the German pension industry is more inclined to physical assets, and pay more attention to their social benefits.
The German pension system reform is to socio-economic development and constantly improve the results. Which, with the Schroeder reforms "a series of major measures implemented in 2004, the German pension system has laid a solid foundation.
Keen to invest in physical assets
Five Principles to help, "Schroeder reform"
At the same time, alternative investments accounted for the German pension industry is relatively low. Still BVK, for example, on the 8th of this month, the fund management accounts of Attorney issued to the world's largest listed hedge fund firm Man Group (Man Group), commissioned to manage the initial capital was only 1.2 billion euros.
At present, the German pension in two forms: statutory pensions and personal pensions. , The statutory pension contribution level of 19.5% of the total wages, shared equally by employers and employees to bear. Personal pension is paid through the individual life insurance as a welfare system world pie network information . For the employee, personal pension is a supplement to the statutory pension contributions and corporate pension payment method; For freelancers, this is the old-age security for the elderly to obtain.
German pension investment choices pay more attention to social benefits - not just the same with the other economies of the pension to pursue relatively cautious strategy, but also will include infrastructure construction and real estate entity assets as part of its investment objectives preferred.
Specific reform principles include the following five points: first, reduce the proportion of pensioners; Second, raise the proportion of pension pay; Third, raising the retirement age; fourth, the expansion of private pension insurance; Fifth, the Government will be in the pension continue to play an important role, but the financial burden to be relatively stable.
To reduce the fiscal burden of government
German media have pointed out that the German pension in the form and type of "dual system" is in fact focus on the overall balance between capital and labor use and efficiency in the use. Decreased demand Protection Act came into effect on January 1, 2003, the elderly and earning capacity, the subject of rights of the German pension and began collecting his pension at the age of 65 must pay 18% tax; retirement sooner the The higher the tax rate, to determine the tax rate will be based on the interest of your fees paid.
The so-called "Schroeder reform" refers to the former German Chancellor Gerhard Schroeder took office in 1998 soon developed a reform plan, efforts to reform rigid labor market: reducing the rate of increase in personal and corporate incomes, stimulate consumption and investment; the reform of unemployment insurance and relief system, gradually reduce the relief of the unemployed and to strengthen the re-employment training. Under the impetus of the reform measures, the labor costs in Germany in 2000 has only increased by 19 percent, three times the increase over the same period of the Spanish labor costs.
From the type of speaking, the German pension also offers two options. A prompt start of the pension or a direct type of pension, such pension rights of the principal to pay a fee to a lifetime monthly pension; Another is to delay the start pension or delayed pension gold, which requires the rights of the principal continuous payment of a few years, once the age of 60 or 65 years of age in full to receive a lifetime monthly pension.
However, due to the German house prices recent excessive rebound, total funds under management of up to 53 billion euros (about 69.16 billion U.S. dollars) BVK has plans to adjust its portfolio, and will instead put into the basis of some real estate investment funds facilities in the area, while maintaining a stable proportion of investment in physical assets.
According to data released by Bayerische Versorgungskammer (BVK), Germany's largest public pension fund, the institutional investors in German real estate funds accounted for up to 12%, 2% of investment funds accounted for in the field of infrastructure construction, and for The physical assets of all investment is almost twice the sum of these two. Taking into account the the BVK leading position in the German public pension funds, its investment strategy may be other funds to follow, it is foreseeable, a quarter of the German pension industry investment funds focused on the investment in physical assets.
In fact, a major reform of the pension system is the German economic and social areas with an important part of the Schroeder reforms ". According to information released by the German Embassy, the goal of pension reform in Germany is "the coordination of inter-generational justice, and the consolidation of the pension system, the idea is to strengthen individual responsibility, to broaden the support channels, goals and ideas subordinated to the 2010 reform agenda to stimulate the entrepreneurial spirit to improve competitiveness and promote economic growth, strengthen the image of the big country to ensure that the strategic vision of lasting prosperity. "