German Coalition Backs Pension System Overhaul Proposal

Germany's ruling coalition is preparing to back a proposal for a sweeping overhaul of the country's pension system. The plan includes a market-based savings component that has been described as politically sensitive.

Background on the Proposal The overhaul would alter how retirement savings are managed and distributed across the population. Details on the timing of implementation or specific contribution rates have not been released.

Coalition leaders have not yet outlined how they intend to address opposition to the market-based element. No vote date has been announced.