Biting the funding bullet



Germany has one of the oldest social security systems, dating back to the late 19th century. In the face of increasing longevity and a declining birth rate, the generous first pillar provision has recently been cut back. Now, the large civil service is facing similar reductions.

German civil servant retirement promises constitute a largely unfunded, defined-benefit liability, financed from current tax income. A negligible element of funding was introduced in the late 1990s. The annual financial

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