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

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

More than 20 million pensioners could receive a rise in their state pension by as much as 4.2 percent from July 2023, according the proposal of the government, as reported by Reuters which is lower than the anticipated inflation rate of 7.0 7.5%.

The pensions for the state in western Germany will increase by 3.5 percent, whereas in the former East Germany it will increase by 4.2 percent, in accordance with the draft as the government works to close the gap between the two regions. The final decision about pension increases will be determined by the data on wage growth that will be to be released in the first quarter of 2023,reported by slots games.