"What a scam!"

Are pension plans targeting “top performers”?

What are Kickl and Stocker planning?

(Bild: AFP/Alex HALADA)

The Vienna Chamber of Labor has taken a stand against possible interventions in pension account revaluation. Eliminating the revaluation in 2025 "would really be a clear cut", according to the chamber. There has also been harsh criticism from the NEOS and the Greens.

According to reports, the FPÖ and ÖVP are planning to cut back on upgrades - as the "Krone" already reported. "Everyone who has not yet retired would have their entitlements massively reduced," said AK expert Ines Stilling. The savings effect would be "relatively small".

A retroactive reduction from January 1 could save around 80 million euros in 2025. More than six billion euros are being sought for this year. According to the AK, the effect of the measure would extend over the next 45 years. The bottom line would be "horrendous pension cuts" for those in employment. Stilling calls the argument that only young people would be affected wrong. Especially those "who have already paid in more" would feel the cuts.

Tens of thousands of euros are at stake
All pension entitlements acquired to date would be reduced by six percent without the revaluation. For an old-age pension of 3,000 euros, this would correspond to a monthly loss of 180 euros, according to the AK. Extrapolated over the year, that would be a good 2,500 euros, and a good 51,000 euros over the entire period of entitlement. For Stilling, the idea has "disadvantages for everyone". The negotiating teams "had not considered or accepted this".

For the AK expert, the effects would be "considerable in the long term". An intervention would therefore be "perfidious" and destroy the public's trust in secure pensions. According to Stilling, this would "actively take money away from people", make them insecure and increase the risk of poverty. "Not necessarily", Stilling said, an incentive to perform.

Are there alternatives?
She believes it would make more sense to keep people in work until 65 if possible. It is "absolutely essential" that people can and do work until then. We need to look at which companies do not employ people over the age of 60. If necessary, these employers should be made to pay penalties. Stilling would advocate partial retirement models and better rehabilitation programs.

Harsh criticism of the Blue-Turquoise ideas comes from the NEOS. Party leader Beate Meinl-Reisinger wrote on Platform X about "pension robbery". " Instead of finally raising the retirement age with a long transition period, the pensions of those currently in employment are simply being cut. What a fraud on the working population!"

Greens also appalled
Markus Koza, Green spokesperson for labor and social affairs, even speaks of a "malicious" measure. The temporary suspension or reduction of the revaluation would have no effect on budget consolidation. "The short-term effect would be a run on early retirement BEFORE the suspension of the revaluation, because working longer would hardly make up for the impending losses."

However, the aim should be to provide incentives to stay in the labor market for longer. "Curiously enough", the people who are invoked by the FPÖ and ÖVP as "top performers" would be particularly affected. In other words, working people who have been paying into the system for a long time and only have a few years left until they retire.

According to the "Presse", the year 2025 could also remain untouched. Instead, Blue and Turquoise are considering adjusting the value of the pension accounts in 2026 and 2027 to a lower level than planned. The pension accounts are not to be increased by more than the current pensions for these two years. This would mean permanent savings for the state, as it would slow down pension expenditure. Of course, this would also mean that future pensioners would miss out on a lot of money.