Pension Contributions Set to Rise

Pension contributions in Germany are set to rise substantially over the next decades. According to a government report seen by the German broadsheet Berliner Zeitung, the government plans to increase obligatory payments into the public pension coffers to 22 percent by 2030. At the same time, pension payout levels will sink by 8 percent. The plans -- part of the German government's overhaul of the strained pension system -- are due to be published next Thursday.