Germany's Merz: we are 30 years late with pension reform

​German ‌Chancellor Friedrich Merz ​said ‌on Tuesday that the country was ‌at least 30 years ‌late with plans to overhaul ⁠the ​pay-as-you-go ⁠retirement system.

He added that ⁠pension contributions to ​be paid by ⁠workers and employers would ⁠have ​to rise temporarily ⁠to accommodate demographic change.