“in 2021 there should be a zero round. In 2022, there could be another null round, if the growth slump drags on for a long time and we are experiencing a U-shaped economic development,” said Freiburg’s pensions expert Bernd Raffelhüschen of the düsseldorf “Rheinische Post” of Tuesday.
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He called for in the light of the Corona-crisis but also, pension cuts to allow: “If millions do without short-time workers on salary and millions lose their jobs, should also make pensioners and their contribution to overcoming the crisis.”
Raffelhüschen wants to change the so-called pension formula
Specifically, the Freiburg Economist suggested to make the pension formula as of 2003, the Rürup Commission suggested: “If wages fall, you must also decrease the pensions. And if you don’t want it politically, should be made up outlandish pension reductions, at least in later years.“ For this purpose, the catch-up factor will need to be re-introduced.
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Background to “catch-up factor”: The pension adjustment formula provides that the annual pension increase generally follows the development of wages. There was, therefore, to 1.7.2020 a high pension plus, because the wages in the previous year 2019 rose noticeably. The “catch-up factor” ensures that retirees receive in economically really bad times, pension increases, forego increases in subsequent good seasons to be a part of the pension. This applies until the previously avoided pension cuts is compensated. The catch-up factor was exposed in the year 2009, in order to protect pensioners against loss of income due to the world financial crisis.
FDP failed with a request for reinstatement of the catch-up factor,
in addition to Bernd Raffelhüschen other pension experts are also calling for the reinstatement of the catch-up factor. The FDP criticized the current regime. Therefore, the parliamentary group introduced at the 1. July to overcome the application, “Corona-crisis generation – catch-up factor in the pension formula to re-introduce”. The opposition party failed to reach a parliamentary majority.
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