Pension Overhoot Day overshadowed the youth – stop pension increases immediately

August 12 is a double bitter date for Austria: the Pension Overhoot Day – the day on which all ongoing income for the pension system has been used up – falls on the day of youth. As of tomorrow, the financing of our guest houses will be covered exclusively by tax money. The next generation will pay.

“This means in plain language: If you were to rely on pension insurance, there would be no single pension payment from August 13th. That in one of the wealthiest countries in the world we continue to drive such an unstable system with full throttle against the wall,” criticizes Julia Aichhorn, federal chairman of the young industry. “It is a slap in the face of the youth who work today, deposit – and are completely uncertain whether they will ever get a guest house themselves.”

The development speaks for itself: Last year, the Over -Hoot Day fell on August 16, 2023 even on August 19. Within just two years, this day shifted to the front by a whole week. “The development is alarming: demographic change is no longer a future, it is the present. In 2029 we are already on August 1st,” said Aichhorn.

The state has to shoot around 33 billion euros this year to keep the pension system afloat – this corresponds to around 230 million euros per day. We are missing these sums painful elsewhere – for example in the case of education, digitization, childcare or climate protection. Areas that are crucial for the future of our country and are of central importance for young people.

“It is my responsibility as a representative of the young generation to say clearly: it cannot go on like this,” Aichhorn appeals. “We need brave, honest and sustainable reforms.”

The young industry therefore demands concrete measures. Pension increases must be stopped immediately. It needs to adapt the factual to the statutory retirement age in order to extend the actual working life. In addition, incentives are necessary to motivate people to stay longer in working life. And finally, the statutory retirement age must automatically be linked to the rising life expectancy – as has long been the case in many other countries.

“Political responsibility means not to displace problems, but to solve them,” concludes Aichhorn. “We now need politicians who are thinking beyond the next election date – and who are willing to finally rebuild the pension system.”