New entrants eligible for pension at 58-60 with 7000 days or 4500 premium. Alternative 25-year system available with 4500 premium
Germany ranks 8th in Natixis Global Retirement Index 2021. Retirement age will increase from 65 to 67 from 2024. EU/Schengen citizens don't need visa, others need retirement visa
Social security system began in Ottoman Empire's final years. Social Insurance Law introduced in 1945. SSI established in 2006 to consolidate multiple institutions
System divided into five branches: illness, old age, family, work accident, occupational disease. Financed through employee and employer contributions, with 57% actual contributions. Budget balanced in 2017 after 16 years of deficits