Almost every second Austrian knows about his Credit at the state Pension account Notice. But only around half are satisfied with it. This shows a representative one IMAS-survey on the topic of private pension provision for 1,000 people between the ages of 16 and 65 on behalf of Erste Bank and Wiener Städtische. Women in particular face financial problems as they age.
Because only 45 percent are very or somewhat satisfied with their expected state pension from the current perspective. For men it is 57 percent. Women appreciate that too Risk of poverty in old aget at 48 percent, higher than men (38 percent). “Women should live a healthy egoism,” says Sonja Brandtmayer Deputy General Director of Wiener Städtische. “The partner is not a suitable precaution.”
78 percent of Austrians are worried that the state will be affected due to the demographic development More and more money has to be allocated to finance pensions. 39 percent of those surveyed would like to promote private provision significantly more in order to relieve the burden on the state. Increasing the pension contributions of working people or raising the statutory retirement age is 15 or 12 percent pretty unpopular. The option to reduce statutory pensions is completely neglected (3 percent).
It makes sense to take precautions yourself
Taking precautions yourself and starting private provision as early as possible is most often seen as sensible (83 percent) in order to reduce the risk of poverty in old age. A comprehensive financial government funding When it comes to private pension provision, 79 percent say that they always work full time so that their pension is higher (later), 69 percent. 61 percent mentioned a higher minimum pension for everyone and 38 percent said they would work longer than the statutory retirement age. “There are definitely people who enjoy working even when they are older,” says Brandtmayer. 6 out of 10 respondents assume that they will retire have to workin order to be able to maintain the desired standard of living even in old age.
When it comes to their own financial provision, however, 63 percent say they can no longer afford it as a result of inflation. Women are also disadvantaged in this respect. On average, men can set aside significantly more with 299 euros per month than women with 192 euros. “This difference has already been reduced significantly,” notes Gerda Holzinger-BurgstallerCEO of Erste Bank Oesterreich. However, women would still be above average Savings books/savings cards take precautionary measures.
WIFO Chief Gabriel Felbermayr
Expansion of company pension provision
WIFO-Chef Gabriel Felbermayr On Wednesday, the expansion of company pension provision to secure the standard of living in old age was brought into play. His institute has commissioned the Association of pension and provident funds created a study that calculated the effects of the expansion of the so-called second pillar on pensions.
Even with an annual deposit of 150 Euro According to the study, pensions would depend on gender, education and full- or part-time work between one and nine percent climb. A contribution from 2.5 percent of the annual gross salary would increase 15 to 19 percent more pension or a monthly bonus between 160 and 400 euros lead. Felbermayr explained that low-income earners would benefit most from such a company pension plan. You could also go to Reducing inequality contribute to pensioners and therefore also has a “social-political component”
The economic researcher suggested that it could be financed by waiving a wage increase once. This would be cost-neutral for employers, the tax burden for employees would be postponed until the time of payment, and social security contributions would be waived for the amount.
“Clearly underdeveloped”
Company pension schemes in Austria are “significantly underdeveloped” compared to other countries, said Felbermayr. However, it could help relieve the burden on pensions from the pay-as-you-go system. Because the additional payments from the budget will increase in the next few years.
The WIFO boss expects this to happen by 2029 7 to 8 billion euros which must also flow into pension insurance because the number of pensioners is increasing faster than the number of contributors. Because at the same time because of the high budget deficit also around 6 billion euros savings have to be made every year and the economy is hardly growing, the pressure on politicians to reform the pension system will also increase.
demands on politics
Hoping for that too Andreas Zakostelsky the chairman of the professional association of pension and provident funds. He called on the future government to provide a mandatory additional company pension for everyone. The trade association would also like to see government support for employee contributions.
Zakostelsky does not see the tense budget situation as an obstacle. A grant from 80 Euro per year would be around 320 million euros cost. Because this also counteracts poverty in old age, which would otherwise have to be alleviated with additional benefits from the pension system, it is “money well invested,” said the association chairman.