On Tuesday, Germany celebrated the 125th anniversary of its pension system. Angela Merkel, the 60 year-old chancellor, lauded the country’s old age provisions. “The pension remains at the heart of our social system,” she said.
But even while the country celebrated its social security system that was designed to reward workers for a lifetime of hard slog with a comfortable and secure old age, the bell was tolling.
After her words of praise, Ms. Merkel also warned that the country’s state pension, in its current form, would not be enough for people to live on. She warned that the system needed a complete overhaul.