Pension reform 2000

At the end of September the German federal government put forward a modified reform concept for retirement provisions. As government representatives, Labour Minister Walter Riester and SPD social expert Ulla Schmidt explain the goals and central elements of the pension reform which "by expanding private retirement provisions intend to connect the reliability of the pay-as-you-go system based on the idea of solidarity with the better returns of the capital market". Especially the "lack of fairness between generations" from a "one-sided burden on the younger generation" stands at the heart of the criticism that is expressed by Horst Seehofer, deputy head of the CDU/CSU opposition in the German Bundestag. Improvements in the reform concept are also requested by Prof. Winfried Schmähl, University of Bremen, and Prof. Bernd Raffelhüschen, University of Freiburg.