MIL OSI Translation. Region: Germany / Deutschland –
Source: Die Linke “The Riester revolution announced by ‘BILD’ and the Union is nothing more than a helpless attempt to rescue the insurance industry at the expense of future pensioners. Instead of strengthening the statutory pension, which is financed equally by employers and employees, the CDU and CSU want to sink even more tax money into the billion-dollar grave of Riester. That is completely absurd in times of permanently low interest rates. The Riester pension should not be renamed the bonus pension but the casino pension, ”explains Matthias W. Birkwald, spokesman for pension policy for the DIE LINKE parliamentary group. Birkwald continues: “The number of Riester contracts has been falling for years. More than 20 percent of the contracts are suspended. The reason for this: the insured are fed up with inscrutable contracts that only disguise horrific acquisition and distribution costs. The majority of them do not want to forego guaranteed benefits in old age, as they have to be able to rely on a fixed income even in retirement, which is what the conservatives want to break open. In the future, insurance companies should no longer have to guarantee that their customers will receive 100 percent of the contributions and allowances they have paid in, and they should be able to put more money into risky stock speculation. The result: The risk for the insured will increase, the corporations will be able to put even more contributions into their own pockets. But if you want to gamble on the stock market, you don’t need a Riester pension, but a good bank advisor and a lot of money in your account. If, on the other hand, normal earners want to secure their long-term, solid standard of living in old age, they need good work, good wages and a strong statutory pension with a standard of living pension level of 53 percent as in 2000. I urge the SPD and its finance minister Olaf Scholz to stop this pointless project. Anyone who, like the Union, drastically cuts the pension surcharge for low-wage earners (the so-called ‘basic pension’) must not then waste valuable tax billions on a dead speculative product. “
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.