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Social Policy

Retirement Provisioning: Austrians Put aside € 63 per Month

Retirement provisioning study 2011: Austrians prefer low-risk investments. 58% rely on the financial knowledge of their bank account managers.

June 29, 2011

Leitl: "Reforms, Despite the Positive economic Outlook Should Not Be Forgotten"

Spring forecast by the EU Commission: Clearly improved growth prospects for Austria and the European Union

May 14, 2011

Austrian Educational Level Rises

Educational level of young people aged 15 to 34 compared with their parents: Trend towards higher education.

April 28, 2011

Rethinking of Health Policy Required

Junge Wirtschaft (Young Business) demands more economic incentives for healthy lifestyles for employees. This should allow an increase in retirement age.

April 19, 2011

Austria's Labor Costs above EU Average

An hour of work costs an Austrian employer an average € 28.00 - six euro more than the EU average.

April 13, 2011

Occupational Pension Funds: Deposits in Investment funds +32%

By the end of 2010, the volume of pension rights of the ten occupational pension funds operating in Austria amounted to € 3.56bn, representing an increase of 26% compared with the end of December 2009.

April 12, 2011

Hundstorfer and Leitl Promote Increase in Retirement Age

The Austrian Minister of Social Affairs as well as the Head of WKÖ (Austrian Economic Chamber, Christoph Leitl, want to reduce public payments for pensions.

April 11, 2011

Austrian Trade Union Continues to Lose Members

The Austrian Trade Union Federation (ÖGB) registered a loss of 11,000 members last year. The decline showed a slight reduction.

April 6, 2011

Leitl Demands Reduction of Public Debt

The President of the Austrian Economic Chamber sees potential for efficiency in the administration, as well as in the health and pension system

April 1, 2011

Austrians are among the European Leaders in Pension Duration

Austrians currently spend an average of over 23 years in retirement; this is about twice as long as in 1970. Austria ranks second in Europe in this respect.

March 31, 2011

Manufacturing Industry on Pensions: Structural Reform has to be Adressed Urgently

Manufacturing industry representatives were surprised at ÖGB statements. Instead of early retirements, more funds should be freed for future investments.

March 26, 2011

300,000 Austrians in Poverty despite Working

The term "working poor" is an established fact in Austria. Full 6% of full-time employees are in poverty.

March 22, 2011

WKÖ: No EU Interference in Tariff Negotiations

The President of the Austrian Economic Chamber expects no interference from Brussels in domestic collective agreement negotiations.

March 22, 2011

Young Industry on Pensions: Failure of Politicians is "Evidence of Incapacity"

Mitterbauer said: "Austria continues to be a record holder for early retirement, despite the massive and long-term need for action." Inaction is "an affront to the younger generations".

March 19, 2011

Company Pension Funds Tend to Investment Funds

Investing in investment funds is a growing trend for company pension funds (betriebliche Vorsorgekassen), increasing by 32% in 2010. The volume of corporate pension funds increased by 26%.

March 11, 2011

Economic Chamber Demands Redeployment of "Manual Workers Regulation" in Favor of Research

The Austrian Economic Chamber presented a list of demands to the federal government. Critics say it is to no purpose.

March 10, 2011

New Sharp Criticism of the Pension System

Austria's Young Industry's opinion on pensions: "politicians can no longer deny reality" There are many known weaknesses in the system.

March 9, 2011

Demand for Minimum Wage meets with Hostility

The proposal by the Minister for officials, Gabriele Heinisch-Hosek, to introduce a minimum wage of € 1300, is mere populism, according to the Economic Chamber.

March 8, 2011

Demand for Increase in Retirement Age

Austrian Young Economy demands again a "sustainable" pension system. Less early retirement, but more later pensioning is required.

March 8, 2011

VBV – Vorsorgekasse AG Increases Fnd Investment Volume by 25%

The number of prospective beneficiaries grew by11% to 1.85 million in 2010; net performance was at 2.0%.

March 5, 2011

Workers Continue Seeing the Situation on the Labor Market as Critical

The work climate index of the Austrian Chamber of Labour (AK, Arbeiterkammer Österreich) indicates that workers continue considering the situation on the labor market as critical despite rising employment.

March 4, 2011

Minister for Social Affairs: Retirement Age to be Raised

The Austrian Minister for Social Affairs, Rudolf Hundstorfer, intends to raise the retirement age until 2025.

February 19, 2011

The IHS insists on higher retirement age

The Institute of Advanced Studies (IHS) admonishes the Austrian government to raise the retirement age.

February 18, 2011

Austrian Economic Chamber criticizes Pension System

The Premium Model of the Economic Chambers rewards working longer instead of early retirement.

February 17, 2011

Austria's Pension Funds: 6.61% yield in 2010

Austria's pension funds generated an income of around € 800m in 2010. The annual performance is above the long-term average.

January 27, 2011

12% of Austrian Population at Risk of Poverty

Europe 2020 strategy against risk-of-poverty and exclusion: Every sixth person in Austria is in target population.

January 21, 2011

Harsh Criticism of Government by Junge Industrie

Junge Industrie (Young Industry) an interface organization of the Industriellenvereinigung (Industrialists’ Federation) criticizes particularly the pension policy.

January 13, 2011

WKÖ endorses policy of the European Commission

The Austrian Economic Chamber welcomes the focus of the EU Commission on structural reforms, consolidation of public finances and competitiveness.

January 13, 2011

Recovery in Austria´s Labor Market Continues

The domestic labor market´s data for 2010 were better than expected. The number of job-seekers declined by 3.7%

January 8, 2011

Demographic Development: a Future Challenge for Austria

The expected demographic development will increase expenditure in geriatric care in Austria.

January 5, 2011

Social Justice shows High Levels in Austria

The Bertelsmann Foundation released a study on social justice issues in OECD countries. Austria is located among the top third.

January 4, 2011

Austria's Minister of Social Affairs Wants to Extend the Years of Employment

Rudolf Hundstorfer wants to see older workers work longer, and is trying to get the consensus of businesses.

December 31, 2010

Massive Rise of Debt in the Public Sector

Austria's debt is rising dramatically. Not only the state budget, but also the provinces and municipalities are the major contributors to this situation.

December 31, 2010

Leitl Demands Reforms

The President of the Austrian Economic Chamber calls for more Government work in administration, health and education.

December 29, 2010

Illegal Employment Grows

One of four Austrian firms employs illegal workers from abroad.

December 29, 2010

Chamber of Labor Calls for a More Equitable Distribution

Corporate profits on one hand and reduced working hours, dismissals and wage cuts on the other, are not compatible for the Chamber of Labor.

December 28, 2010

Raiffeisen Foresees a Weak Decade for Europe

RLB Niederösterreich-Wien expects hardly any economic growth, particularly in the euro countries. Austria is however relatively well positioned.

December 28, 2010

Above-Average Labor Market Data for Austria

Compared with Europe, there are relatively a lot of people of working age employed in Austria. The proportion of unemployed is also low.

December 21, 2010

Risk of Poverty for 12% of Austrians

By 2008, 12.4% of the Austrian populatin is threatened by poverty. The average of the EU countries amounts to 17%.

December 14, 2010

Workers Count on Early Retirement

Nearly half the Austrian salaried employees do not expect to work until reaching normal retirement age.

December 10, 2010

Strike threat at AUA

Salary negotiations at Austrian Airlines falter. The staff wants at least a salary increase equivalent to inflation.

December 2, 2010

Salary Increase in Trade up to 2.3%

Low incomes are taken more into account than higher salaries; the minimum wage in trade now amounts to € 1,300.

November 30, 2010

Junge Industrie Wien: Explosive Generational Balance Study

Junge Industrie Wien calls for "courageous steps". The credo is future investments instead of transfer payments.

November 17, 2010

GPA: Private Employees Receive 2.2% Salary Increase.

Bigger salaries in trade, crafts and consulting: the negotiators consider this to be a "reasonable result".

November 17, 2010

High Demand for Minimum Benefit

In the first month after the introduction of the minimum benefit already 14,500 applications have been submitted. A significantly lower demand had been expected.

November 15, 2010

Standard & Poor’s: Austria's Credit Rating at Risk

The reasons for such gloomy prospects are not problems with the banks or domestic companies, but rather the demographic situation threaten Austria's credit rating.

November 11, 2010

Leitl: Austrians Go into Retirement Too Early

Those who go into early retirement in Austria are rewarded. The government should create more incentives to retire later on in life.

November 10, 2010

Metal Workers: Up to 3% Wage Increase

Workers in the metal industry receive a strong wage increase. The minimum wage rises by 2.5%.

November 8, 2010

Union: Call After 40 weeks of Work per Year

The Union of Salaried Employees (GPA) presents a new working model.

November 5, 2010

Working Time Flexibility Prevented Mass Unemployment

During the crisis, many German and Austrian companies flexibilized the working hours of their employees. These measures helped to ease the labor market situation.

November 4, 2010