Coalition In Germany Reaches Agreement In Important Dispute

The night's negotiations lasted six hours.

After six hours of overnight negotiations, a coalition committee in Berlin was able to agree on a controversial pension package.

According to n-tv and Spiegel, citing a draft resolution.

According to the draft resolution, the parties agreed on an addition to the package to guarantee: the financial burden of the reform will not fall solely on the shoulders of the younger generation.

A package worth 10 billion euros is planned to strengthen private pensions for young people. Also, social security contributions should remain stable for the next ten years.

Parliamentary Secretary of the Social Democratic Party (SPD) Dirk Wiese expressed confidence after the meeting that the agreement was finalized.

"I am very optimistic that we will now cross the finish line," he said.

The day before, 18 deputies of the Youth Union under the CDU/CSU bloc had publicly opposed the draft, declaring their opposition.

They criticized that the current package fixes the pension level at 48% until 2031, and that future cuts would start from that figure.

They also suggested setting a lower base of around 47%, as would happen without the reform, highlighting the additional cost of 120 billion euros until 2040.

The SPD refused to allow a one percentage point reduction in pension levels after 2031.

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