By Hannah Ward-Glenton
Germany’s pension system won’t be financially viable in five years’ time without reform, according to Rainer Dulger, the president of the Confederation of German Employers’ Associations.
The influential lobby group represents around 20 million employees in the German workforce. Dulger told Germany’s Bild am Sonntag newspaper Sunday that the German economy is weakening and the social system is on “the verge of collapse.”
“The costs will explode,” he said, according to a translation by CNBC.