Overseas Benefits: Disbursing 12,600 Pension Payments Abroad - Foreign pension payments distribute 12,600 benefits overseas
The German Pension Insurance Middle Germany distributes about 12,600 pensions to individuals residing abroad, with approximately 96% going to EU member states, according to a statement. This amounts to roughly 0.8% of all pension payments in Saxony, Saxony-Anhalt, and Thuringia made by the Pension Insurance.
Living and working in the European Union doesn't come with social security disadvantages, the German Pension Insurance noted on Europe Day (May 9). In fact, around 3,600 pensions are paid to German retirees living overseas, with around 3,300 residing in EU countries. This number has increased by 55% in the past five years.
The German Pension Insurance operates a system that recognizes cross-border pension entitlements under EU coordination rules and bilateral agreements. For EU residents, periods of insurance in different countries are recognized, and pension entitlements are proportionally calculated and paid by the respective countries.
Making it easier for EU citizens to work in Germany, the number of individuals employed from other EU states in Saxony, Saxony-Anhalt, and Thuringia has risen significantly. The Pension Insurance pays out around 1.5 million pensions monthly, with no restrictions on the basis of residence.
Breaking Down German Pension Payments
- To EU Member States: German pensions are disbursed to EU beneficiaries without reductions solely due to residence, in accordance with EU regulations on social security coordination. This cross-border pension distribution is facilitated within the EU framework.
- To Non-EU Countries: Germany pays pensions to non-EU residents, but permanent relocation outside the EU may result in reductions or different payment rules. It's imperative for pensioners to verify the conditions before relocating.
The increase in EU pension payments can be attributed to factors such as demographic changes, labor mobility within the EU, regulatory and market developments, and improvements in cross-border payment coordination.
- German Pension Insurance
- Pension Insurance
- EU
- Middle Germany
- Saxony
- Saxony-Anhalt
- Thuringia
- The German Pension Insurance Middle Germany disburses around 12,600 pensions to individuals residing abroad, primarily in EU member states, as stated in a recent announcement.
- Vocational training is a crucial component of the community policy within Saxony, Saxony-Anhalt, and Thuringia, as supported by the Pension Insurance.
- The increase in EU pension payments has been influenced by several factors, including demographic changes, labor mobility within the EU, and improvements in cross-border payment coordination.
- While pensions paid to non-EU residents by Germany are possible, relocation outside the EU may lead to reductions or different payment rules, therefore, it is essential for pensioners to check the conditions beforehand.
