Pensions in Germany: key statistics on average payouts, eligibility age, and other essential details

The German Pension Insurance (DRV) has published its annual report, providing insights into the state of the pension system in the country. According to the report, the total revenues of the pension insurance in Germany in 2024 amounted to 402.0 billion euros, marking a 5.6 percent increase compared to the previous year.

Contribution revenues for the pension insurance in 2024 were 305.9 billion euros, an increase from 289.7 billion euros in 2023. The expenses of the pension insurance also rose, increasing by 6.1 percent to 402.8 billion euros compared to 2023.

The average pension in Germany in 2024 was 1,154 euros, an increase from 1,102 euros in 2023. For women, the average pension was 955 euros, an increase from 908 euros in 2023. However, women in Germany receive significantly less than men, with an average of 955 euros compared to 1,405 euros for men.

The retirement age increased to 64.7 years in 2024, from 64.4 years in 2023. Uwe Hildebrandt, alternating chairman of the federal representatives' assembly of the German Pension Insurance Bund, stated that the situation for pensioners has "clearly improved".

Despite these improvements, experts remain concerned that these initiatives will only have limited effects. A survey by the editorial team shows a decline in trust in the German pension system, with the statutory pension causing concern among citizens.

The federal government aims to counter this decline with measures like the active pension, expansion of the mother's pension, and early retirement pension. Significant improvements were also implemented for disability pensions.

However, the report does not indicate any pessimistic outlook regarding the pension system. The current pension value has risen nationwide to 39.32 euros as of July 1, 2024. The report's publication comes as a relief to many, offering a glimmer of hope for the future of the pension system in Germany.

Pensions in Germany: key statistics on average payouts, eligibility age, and other essential details