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More and more employees accept deductions for earlier pensions

According to a report, the number of new pensioners who accept deductions for early retirement has increased significantly.

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More and more employees accept deductions for earlier pensions

According to a report, the number of new pensioners who accept deductions for early retirement has increased significantly.

In the past year, a total of 210,616 new old-age pensions were reduced, as the “Bild” newspaper reported on Wednesday, citing figures from the German pension insurance. That was 16,777 or 8.7 percent more than the year before - the highest number since 2013.

According to the pension insurance, every fourth old-age pension (24.5 percent) was affected by cuts, as the newspaper further reported. According to this, women in the East were particularly likely to retire early with deductions, with them the proportion of reduced new pensions was 40 percent.

According to the report, those affected retired on average 27.7 months before regular retirement age. Pensions were reduced by an average of 8.3 percent or 110 euros per month.

Employees from the age of 63 can claim early pension with deductions if they can prove that they have at least 35 years of insurance. Your pensions will be reduced by 0.3 percent for each month you retire before the normal retirement age.

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