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Germany lowers individual pension contribution


15:36, November 17, 2011

BERLIN, Nov. 16 (Xinhua) -- German citizens will pay less next year in the pension funds, the labor ministry announced on Wednesday.

The Federal Cabinet decided that the individual pension contribution rate would be lowered from the current 19.9 percent to 19.6 percent starting from Jan. 1, 2012.

The decision would benefit those who earn an average income of 2,500 euros (3,383 U.S. dollars) per month.

The reduction is based on high reserves of the pension system.

Officials with the Federal Ministry for Economics and Labor anticipated "noticeable increase in pensions" in the coming year.

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