German Pensioners Facing Unpleasant Surprise

German pensioners are facing an unpleasant surprise. Germany's Minister of Economy, Katarina Reichen, has called for reforms in the pension system. She intends to raise the early retirement age from 63 and establish the retirement age in the country to be up to 70 years old.

“Compared to other countries, Germans work less, and demographic changes along with increased life expectancy make raising the retirement age unavoidable,” noted the Minister of Economy of Germany.

For comparison, in Armenia, individuals who have reached the age of 63 and have at least 10 years of work experience are entitled to receive a pension.