Germany seeks to raise retirement age under sweeping reform plan

Germany is taking a bold step to address its long-term pension sustainability by planning to gradually raise the retirement age beyond 67 and eliminate early retirement options. This reform also includes increasing compulsory pension contributions. This move is crucial as Germany faces demographic challenges with a shrinking workforce and an aging population. By making these changes, the government aims to ensure the long-term viability of its pension system while addressing economic pressures.