economy
The German Foreign Ministry is rapidly accelerating visa procedures for the skilled workers needed for the economy, Foreign Minister Annalena Baerbock said at a Greens party gathering in Berlin on Tuesday. The waiting time for a visa at the German embassy in New Delhi had been cut to two weeks, Baerbock said. "Previously, it was nine months," she added, attributing the change to digitalization and centralization. The ministry aims to digitalize the entire visa procedure by the end of the current legislative period next year. The number of national visas issued would have to rise by 63% accordi...
DPA International
Germany's Cabinet has approved a set of proposed pension changes on Wednesday that would guarantee pensions will continue to rise in line with wages, following months of wrangling. The proposed legislation would keep pension payments aligned with wage levels, fixing current minimum benefits at 48% of the average wage. Without reform, the pension level - meaning the amount paid to a retiree each month - is set to fall to around 45%, because millions of people born in the 1950s and 1960s will turn from contributors into pensioners. Previous "sustainability" schemes had tied the level to the demo...
DPA International
Germany's Cabinet has approved a set of proposed pension changes on Wednesday that would link future benefits to wage levels, following months of negotiations, sources told dpa. The proposed legislation would keep pension payments aligned with wage levels, fixing minimum benefits at 48% of the average wage in Germany. Without reform, the level - meaning the amount paid to a pensioner each month - is set to fall to around 45%, because millions of people born in the 1950s and 1960s will turn from contributors into pensioners. Previous "sustainability" schemes had tied the level to the demographi...
DPA International
Germany's Cabinet has approved a set of proposed pension changes on Wednesday that would link future benefits to wage levels, following months of negotiations, sources told dpa. The proposed legislation would keep pension payments aligned with wage levels in the country, fixing minimum benefits at 48% of average wages, and also open the door to investing government funds in the stock market in the hope of helping to fund future pension increases. The measure will now go to the lower house of Germany's parliament, the Bundestag, for consideration. The plan calls for putting €200 billion ($217 b...
DPA International
Income for workers in Germany rose in the first quarter of 2024 even after adjusting for inflation, boosted by strong wage growth and bonuses paid by many employers. Compared to the same period last year, nominal wages rose by 6.4%, according to figures released on Monday by Germany's Federal Statistical Office. After adjusting for inflation, real wages increased by 3.8%. This was the highest increase since the agency began tracking those particular figures in 2008. Nominal wages only rose faster during one previous period, the second quarter of 2023. But at the time, high inflation undercut g...
DPA International
When you picture the vibrant metropolis on the Thames, one conjures up images of colourful lights and non-stop activity until the early morning. London's Soho and Covent Garden districts are considered dream locations for many tourists in search of nightlife hotspots. But the reality is quite different these days. As theatregoers spill out onto the streets in the evening looking for a midnight snack, those hoping for a nightcap are often disappointed. An open pub in London is hard to find at this time of night. The Evening Standard newspaper recently asked its readers in despair: "When was the...
DPA International
German Defence Minister Boris Pistorius said strict limits on government borrowing in German law cannot be allowed to curtail necessary spending on defence and military preparedness. Pistorius told dpa during a visit to New York on Wednesday that military spending, as well as some emergency response funding, should be excluded from the so-called debt brake rules that are written into Germany's constitution. The controversial debt brake rules, which were added to the German constitution in 2009, only allow the government to rely on borrowing for deficit spending under certain conditions. Pistor...
DPA International
German Defence Minister Boris Pistorius said strict limits on government borrowing in German law cannot be allowed to curtail necessary spending on defence and military preparedness. Pistorius told dpa during a visit to New York on Wednesday that military spending, as well as some emergency response funding, should be excluded from the so-called debt brake rules that are written into Germany's constitution. The controversial debt brake rules, which were added to the German constitution in 2009, only allow the government to rely on borrowing for deficit spending under certain conditions. Pistor...
DPA International
Experts believe that Germany hosting the men's European Football Championship in June and July will have no direct effect on the flagging economy. Euro 2024 will be held across 10 cities from June 14-July 14. It is the biggest sporting event to be held in Germany since the 2006 men's football World Cup, which is fondly remembered by Germans as the "summer fairytale" for its cultural - if not necessarily - economic impact. "The Euros could have a positive psychological and indirect effect on the German economy. Hotels and the catering industry in particular will benefit from additional demand, ...
DPA International
The European Parliament on Wednesday approved a forthcoming law on when workers on platforms like Uber and Deliveroo should be treated as employees. Platforms have argued that such workers are self-employed, excluding them from some European Union labour rights such as paid holidays and sick leave. The Platform Work Directive would classify workers on "gig-economy" apps as employees in cases where platforms control factors such as how much money workers are paid or their working hours, or supervise their performance electronically. EU legislators approved by 554 votes to 56 a draft legal text ...
DPA International
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