The German cabinet this week agreed to draft legislation reforming the nation’s pension tax system, designed to encourage German workers to save privately towards their retirement.
Under the proposals, announced on Wednesday by Finance Minister Hans Eichel and Social Affairs Minister Ulla Schmidt, many of the tax breaks linked to life insurance contracts will be removed and a more transparent system for taxing pension revenue will be introduced.
Eichel insisted that the reforms will not place any additional burden on the country’s pensioners, although they will help free the strain on the public finances.
The reforms are scheduled to take place gradually over the next forty years.
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