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German pensions could rise by up to 4.2% in 2023 - proposal

Reuters
·1-min read
FILE PHOTO: The European Central Bank (ECB) presents the new 50 euro note at the bank's headquarters in Frankfurt

BERLIN (Reuters) - Germany's more than 20 million pensioners will likely see their state benefit rise by up to 4.2% from July 2023, according to a governemt proposal seen by Reuters, lower than the expected inflation rate of 7.0%.

The state pension in western Germany will rise by 3.5%, while in former East Germany it will increase by 4.2% according to the draft, as the government continues to narrow the gap between the two regions.

The final decision on pension increases will depend on wage growth data released in early 2023.

(Reporting by Holger Hansen; Writing by Christoph Steitz; Editing by Andrew Heavens)