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Years ago a solution similar to the domestic “women 40” option for early retirement was introduced in Germany, which allowed retirement from active employment after an eligibility period of 45 years instead of 40 years. This became so popular that last year it was already 100 billion euros (at the then exchange rate of 35.5 billion guilders) for the German budget.
Due to the aging population, the retirement age in Germany will gradually increase from 65 to 67 years, one month each year since 2012, and in two-month steps between 2024 and 2029. The age group born in 1964 will be the first, whose members will only be able to retire at age 67, the G7 begins its review. As a result, the 40 times discount available for men and women for men and women has become so popular in the country that it is already running out of budget. For Germans, it requires an entitlement period of 45 years instead of 40, but it is still an option for someone to retire earlier, and even those who have not yet accumulated 45 years can opt for a reduced pension at the age of 63 years.
According to the Frankfurter Allgemeine Sonntagzeitung, 225,640 people retired at the age of 63 in 2016, after having 45 years of law, compared to 247,150 last year. Overall, a fairly large group of 3.5 million early retirees have not yet reached retirement age. Their pensions are already a growing burden on the federal budget: for the first time last year, spending on them exceeded 100 billion euros.
At the moment, the German budget still bears the additional burden, but due to the epidemic and the crisis, it may be necessary to reach the system.
The situation in Germany may be a warning example in Hungary, because most women in Hungary live on 40 discounts and take early retirement.
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