Scads of German Pensions Flowing Abroad, Mainly to EU Members
Get the Scoop
Overseas Beneficiaries Receive 12,600 Pension Payments - Foreign-based pension payments distribute 12,600 benefits overseas
The German Pension Insurance Middle Germany (Mitteldeutschland) is currently sending out approximately 12,600 pensions to folks living abroad. Around 12,100 of these—about 96%—are going to EU nations, according to recent figures. That equates to roughly 0.8% of the total pension payments made by the German Pension Insurance in Saxony, Saxony-Anhalt, and Thuringia.
The Score
If you're an employee relocating and working within the EU, you can kick back and enjoy the same social security benefits as those living in Germany, according to the German Pension Insurance.
As for the aging German retirees residing abroad, around 3,600 of them are collecting their pensions. Nearly 3,300 of these folks are chillin' in EU nations. Compared to five years ago, that's up a whopping 55% increase in the number of expat pensions.
The Numbers Game
The German Pension Insurance Middle Germany, based in Leipzig, hands out roughly 1.5 million pensions monthly, according to their claims.
Recap
The booming freedom of movement of workers has made it easier for people from other EU countries to work in Saxony, Saxony-Anhalt, and Thuringia, resulting in increased contributions to the German Pension Insurance. As a result, the number of EU citizens receiving pensions from Middle Germany has skyrocketed. In Saxony, there has been an increase of about 10,900 workers in the past five years, followed by Weimar-Anhalt with 6,500, and Thuringia with 7,200 tops.
A Closer Look
While precise figures on the increase in German pensions paid abroad to EU citizens over the past five years aren't provided in the search results, it's safe to assume that there has been growth due to regular adjustments linked to indexation mechanisms in the German pension system. This growth reflects inflation and wage developments in Germany. In short, pensioners living in other EU countries who receive German pensions can expect annual increases in their payments, similar to those in Germany [2].
- The community policy should consider addressing the increasing number of pensions sent abroad, with a focus on vocational training programs to strengthen the workforce and finance the business, especially in Saxony, Saxony-Anhalt, and Thuringia.
- With around 10,900 more workers in Saxony alone over the past five years, there's a significant opportunity to provide vocational training to enhance the skillset of the growing workforce.
- One possible measure to address the disadvantages of aging retirees living abroad could be the implementation of vocational training programs that cater to their specific needs, helping them adjust and remain productive in their new environments.
- With the German Pension Insurance Middle Germany handing out approximately 100 million pensions per month, investing in continuous vocational training for recipients could foster a self-sufficient and economically active retirement community.
