Austrian Budget: Pensions as Risk Factor

People ♦ Published: February 28, 2013; 18:52 ♦ (Vindobona)

Until 2017, the additional burden has a size of € 1.0bn, Austrian Minister of Finance Maria Fekter says in an interview with “Presse”.

Austrian Budget: Pensions as Risk Factor / Picture: © ÖVP Bundespartei / Jacob Glaser

According to Fekter, the reforms were implemented too late. She believes that pension cuts are inevitable.In order to achieve the austerity targets, Austria must reduce its pension costs, Fekter said already a few weeks ago. According to the EU Commission, Austria´s retirement plan is not sustainable.

Fekter adds that Austria´s pension system faces severe medium and long-term…