With politicians focussing on poverty in old age, many are calling on the German government to reform the pension system. But how serious really is the situation?
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00:00Pensions has become a hot topic in Germany, with several political parties capitalising on poverty amongst retirees.
00:07We sat down with Berlin pensioner, Anqi, who told us she receives 1,500 Euros net per month
00:14after a 45-year career working as an elderly carer, to ask about the reality of pensions.
00:20I think it's a good amount. It's enough for me.
00:25And what about the other pensioners at the care home Anqi worked at?
00:30I noticed in general that elderly people who have to be accommodated somewhere
00:38or are being accommodated by their relatives and so on,
00:43many of them don't have much, they only have a little bit of basic pocket money a month,
00:48and they don't have a good life.
00:51In the past, especially the women who were at home,
00:56they were dependent on their husband or took care of their children.
01:02And at this age, they are very much left alone, also from the start.
01:09We spoke to the German pension system, who highlighted that pensions are tied to wage development
01:15and said that pensions have increased by 4.5% this year.
01:19They also recommended relying on other sources of income for retiring.
01:23In Germany, we have the so-called three-pillar model since 2001.
01:28This means that retirement income is not only the legal pension insurance,
01:33but many people also get it from other sources.
01:36For example, three pillars, the large supporting pillar, the legal pension insurance.
01:42But there is also the private pension insurance and the business pension insurance.
01:47And these can also be sources of income in old age.
01:50There is also capital assets, there is income from rentals and deposits,
01:56there may be a partner who finances you,
01:59so that when you look at your retirement income later,
02:03you should always look at the household context
02:07and not just look at the legal pension insurance.
02:10Despite that, the pension system is a gift that allows seniors
02:13who have contributed to society for 45 years
02:16to be given the opportunity to retire for another few decades in peace.
02:20Liv Stroud, FIURO News.