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Germany faces major pension system challenges, says OECD

Spiralling costs for government pensions, a large sector of the population with scant pension savings, particularly poor pensions among women -- and a group with no pension coverage at all. The latest OECD pension report lays bare the fact that Germany has a steep hill to climb, with pensions in need of far-reaching reforms.

On retirement, a German citizen can expect a pension of 51 percent of their average salary -- significantly below the OECD average of 63 percent. Only Mexico, Poland, Chile, the United Kingdom and Japan have worse pension coverage, a new pension report from the organisation reveals.

The deficient provision is partly because pension coverage for German women is 46 percent below that for men -- a discrepancy mainly due to the fact that German women predominately work part-time.

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