Germany’s federal government has endorsed the 33 recommendations for reforming the national pension system that were recently made by a government-appointed commission.

According to a report by WTW, the recommendations aim to ensure the social security pension system will be financially sustainable and provide adequate retirement benefits —defined as a net income replacement rate of at least 70 per cent — and to encourage the establishment of employer-provided retirement plans.

The report noted the country’s pension system is under significant financial strain, with around a quarter of the federal budget financing the system’s annual deficit.

Read: Germany aims to overhaul pension system, sick leave policy

The recommendations will establish a new funded........

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