Germany, too, is facing a huge spike in retirees, and the government is considering a new tax on younger workers to help pay for their pensions and health benefits, reports the Sydney Morning Herald. The measure to be introduced this month is expected to require workers 25 and older to fork over about 1% of their yearly income.
"We have to consider the time after 2030 when the baby boomers of the '50s and '60s are retired and costing us more in health and care costs," says legislator Gunter Krings of Angela Merkel's Christian Democrats party. Germany faces a particular demographic pinch, notes the Telegraph: Its population is steadily declining, but that's not being offset by immigrants as in other European nations. Meanwhile, about 7 million Germans are expected to age out of the work force by 2025.