Europe is growing older. This poses major challenges, above all for the sustainability of pension systems. So far, Austria and Germany have encountered them very differently:

Germany has greatly reduced the benefit level of statutory pensions and has instead pushed the expansion of capital-based private and occupational pensions.

Austria, too, has implemented comprehensive reforms – albeit with a completely different approach: Strong statutory pensions still play a crucial role even for today's youth.

A study published by the Institute of Economic and Social Research (WSI) compared the two countries’ pension systems and their respective reform paths. Key results show: Today, statutory pensions for people with similar employment histories are much higher in Austria than in Germany, and German pensions will decrease even further in the future. The German reform objective, i.e. to compensate for the reduction of statutory pensions by expanding private and occupational pensions, has clearly been missed.

The event discusses the comparative study of pension systems and the lessons-learned from the very different reform paths Austria and Germany have pursued. Thereby, particular emphasis is put on the European Commission’s announcement to integrate the social dimension more prominently within the European Semester.