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 financi
The week on Risk.net, July 7-13, 2018Receive this by email