economy
Around 12% of all workers in Germany were employed in the public sector in 2023, a slight increase from the previous year, according to government data released on Friday. A total of 5.3 million people were employed in Germany's public sector as of mid-2023, according to the Federal Statistical Office. That was 60,800 more employees than a year earlier, an increase of 1.2%. In 2022, public sector workers made up 11% of Germany's total workforce. "High increases were recorded in schools and childcare facilities in particular," the agency said in the report. The number of teachers retiring has l...
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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...
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After eight months of war, unemployment in the Gaza Strip stands at 79.1%, according to an analysis released on Friday by a UN agency. In the Israeli-occupied West Bank, where the frequency of clashes between Palestinians, Israeli settlers and soldiers has risen significantly, it stands at 32%, the International Labour Organization (ILO) reported together with the Palestinian statistics office. The figures are probably much higher, the ILO reported, as people who are no longer looking for work due to the volatile situation are not included. Real gross domestic product in the Gaza Strip had shr...
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There is a shortage of skilled labour in almost one in seven occupations in Germany, according to Germany's Federal Employment Agency. According to an analysis published on Tuesday, there were problems filling vacancies in 183 of the 1,200 occupations assessed last year. The figure represents a slight decline from the previous year, but that is not seen as a long-term trend, the head of the agency, Andrea Nahles, said. "Due to demographic trends, many well-qualified and experienced skilled workers will continue to leave the labour market in the coming years," she added. According to the analys...
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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 Breaking News
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 Breaking News
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...
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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...
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A survey of German banks and other finanical institutions by consulting firm Earnst & Young (EY) shows that many plan to put stricter conditions on lending to corporate clients in the coming six months. EY's Banking Barometer survey, released on Monday, found 52% of financial institutions planning tighter conditions on lending. Another 40% of firms said nothing would change, while just 8% planned to use looser criteria for corporate lending. Seven out of 10 banks (72%) also expect credit risks to increase as a result of structural changes in the German economy, while just 2% of the banks surve...
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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...
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