German Chancellor Friedrich Merz has endorsed a Swedish-style public pension fund that would invest a share of workers’ wages in capital markets as part of sweeping proposals to overhaul the country’s increasingly costly retirement system.
Merz, a former chair of US asset manager BlackRock in Germany, on Tuesday said: “The Scandinavians have done it, so will we.”
The idea is part of proposals outlined by a group of experts and MPs given the job by the chancellor of finding ways to contain rising pension spending, which accounted for 41 per cent of all welfare expenditure in 2024, while stabilising current pension levels.
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