Knifonomics (part 22): Germans to retire after death!

A little while ago, The Knife wrote a brief, supposedly jokey piece entitled “German Retirement Age Raised to 105”. Well, here are the facts.

From the CIA statistics on world life expectancy:

Italy            10th        81.86 years

France        14th         81.46

Spain            15th        81.27

Germany     28th       80.19

UK                  30th      80.17

Greece          31st       80.05

And from the OECD website on retirement, pensions etc (2011 figures):

Italy         retire at    65

France                         61 (now to drop to 60 under the absurd M. Hollande)

Spain                            65

Germany                    65 (now going up to 67)

UK                                65 (going up to 67 or 68)

Greece                        65 (but if you’ve got only 37 years you can retire on the full whack,

and there are loads of  exemptions, so most people hope to retire in their mid-fifties)

…il est le temps du payback, mes amis…

Now I know that there is a difference between mean life expectancy, and life expectancy for those who’ve already reached 65, which is higher, but even so, a picture is emerging.

The poor old Germans will be expected to work 7 years longer than the Frogs (who live longer), potentially 10-12 years longer than the average Greek (minutely shorter life expectancy), 2 years longer than the Spaniards (who live longer). At least Italy are sort of behaving.

And the key thing is that in the name of the Euro, all these countries either have been, or expect to be, bailed out by the Germans at truly colossal expense. You may assume that the German economy is fine, given the hype, but growth is minimal and unemployment is 5-6%, so it’s not booming by any means.

None of this is sustainable, and whatever Mrs Merkel says, the average German is not too thrilled either.

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