Explosive cash drop: Deutsche Rentenversicherung has presented its 2020 annual report. The document shows how much the pension fund has got into trouble.
► EXPENDITURE EXPLODE!
In 2020, pension insurance spent a total of 338.3 billion euros, more than ever before (plus 4 percent compared to the previous year)!
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► GIANT FINANCIAL HOLE!
The total income amounted to 334.4 billion – means: There is a gap in the cash register of around 4 billion euros!
► TAX GRANT EXPLODED!
The federal government had to contribute 106 billion euros from the budget (2019: 98 billion).
► EXPENSIVE ADMINISTRATION!
The administrative costs of the Federal Treasury alone rose by 3.5 percent to 1.8 billion euros!
Reason for the difficult cash situation: More and more people are retiring and receiving benefits. At the same time, there are fewer and fewer workers who pay into the cash register. That is why tax subsidies are increasing year after year.
Improvement? Is not in sight.
No matter whether SPD, Union, Greens or FDP: All parties have given the voters the prospect that they will NOT plan any reforms even after the election.
► TAX INCREASE THREATENED!
Pension expert Joachim Ragnitz (Ifo Institute) warns that the federal government could be forced to raise VAT to 23.7 percent by 2030 (currently: 19 percent) in order to plug the hole in the cash register!
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