Biting the funding bullet
As it tries to rein in its state pension, Germany is now facing up to rocketing occupational pension liabilities to its civil servants. Carola von Schenk reports
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
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