Homeownership, Riester pension and Co The vast majority of Germans provide privately for the age – only nine percent do not do that. This was the result of a representative forsa study commissioned by CosmosDirekt. 1 However, the financial livelihood in old age is in danger as soon as a sickness or an accident is the end of employment. CosmosDirekt explains why occupational disability insurance not only secures a living, but also makes an important contribution to old-age provision.

When body and soul go on strike and working life has to be forced to rest, it often has financial consequences. Because without a regular income, those unable to work depend on state support – often beyond the retirement age. However, not everyone receives the statutory disability pension automatically. This financial support only gets those who can not work at all or only a few hours a day. As a rule, it is not enough to maintain the standard of living. “Disability insurance not only helps to offset the loss of income due to disability. It also allows those affected to maintain their private retirement savings. This is all the more important because disabled people inevitably suffer losses in statutory pensions, “says Karina Hauser, expert on occupational disability protection at CosmosDirekt. Especially younger unemployed workers are particularly affected. The expert explains what to pay attention to.

Tip 1: Take out occupational disability insurance early
In general, the younger the insured, the cheaper the policy. One reason is that most people are still fit for health when they start their careers. Nevertheless, the risk of becoming incapacitated for work is also high for young employees: for a 20-year-old man today, the figure is 43 percent. For women of the same age, it is only insignificantly lower at 38 percent. 2

Tip 2: Provide private for old age
Those who can no longer work for health reasons, for the increased risk of not being adequately supplied in old age. It is true that the State continues to write well the pensionable points which it acquired on average until the onset of occupational disability beyond the so-called reckoning period up to the age of 62. But beware: “Young people today are facing a retirement age of 67. For those unable to work, five years less are counted in the statutory pension fund than employees of the same age. In addition, those who become disabled at a young age can not benefit from salary increases. Consequently, the statutory retirement pension is calculated on the basis of low pension points – the result is a significant pension gap, “says Karina Hauser.

Tip 3: Plan contributions for retirement
Well, who makes provision for old age – but how can private old-age provision be continued even in the event of occupational disability? “The occupational disability pension should make it possible to continue to pay contributions for private old-age provision,” advises Karina Hauser. “It is often possible to agree to a deduction of occupational disability benefits when concluding a private pension.”

  • Occupational disability and old-age provision 83 KB

  • 1 forsa study “Work, family, pension – what gives German security”. In May 2014, 2,001 persons aged 18 and over were interviewed in Germany.


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Juvenile unemployment, public debt … Brussels ‘catches’ Spain in seven of the 14 imbalance indexes

  • Spain still does not respect the unemployment standards, public and private debt, net international investment position and losses in the share of exports.
  • In addition, it fails to meet two new criteria related to employment: long-term unemployment rate and unemployment of young people between 15 and 24 years of age
  • The European Commission urges to take “decisive actions” before proposing next year a fine equivalent to 0.1% of GDP (about 1,000 million euros).
  • Read the report of the European Commission (PDF).

A group of people queue in front of an employment office in Madrid. GTRES

The European Commission (EC) has warned on Thursday that Spain suspends half of the 14 indicators on macroeconomic imbalances that accumulates its economy, such as high unemployment or large public and private debt, so he recalled that he has to take ” decisive actions “.

l Poverty indicators remain among the highest in the EU Spain still does not respect the standards recommended by Brussels in terms of unemployment , public debt, private debt , net international investment position and losses in the market share of exports .

In addition, it also fails to meet two of the three new indicators introduced by the European Commission in its analysis known as the “Alert Mechanism” on the economic situation of European countries. These three indicators focus on employment and Spain fails to comply with the two related to the long-term unemployment rate of the active population and the relative unemployment rate of young people between 15 and 24 years of age .


“In addition,” says the European Commission, “the improvement of the situation in the labor market has not translated into a reduction in poverty indicators, which are still among the highest in the EU .”

Tasa de desempleo y su evolución de 2013 a 2015. (COMISIÓN EUROPEA)

This year, Spain continues to comply with the Brussels cut in six other indicators: the effective exchange rate, the current account balance, nominal unit labor costs, housing prices, the flow of credit to the private sector and total liabilities of the financial sector. It also approves the activity rate of the total population, another of the new markers introduced this year.

“Decisive action is required”

The Commission recalled that it warned last February that Spain is accumulating macroeconomic imbalances that ” require decisive action and specific vigilance , particularly regarding the high levels of private, public and external indebtedness in a context of high unemployment”.

Further examine related risks and monitor progress in smoothing out excessive imbalances In addition, it is stated to be “useful, also taking into account the detection of imbalances that require decisive actions and specific supervision, to further examine the related risks and to monitor the progress in smoothing excessive imbalances “, a recommendation that is not new for Spain.

This will be carried out in a coordinated manner with the surveillance missions of the Spanish economic drift that are carried out after the end of the rescue granted to the country to clean up its banking.

With these data, the Community Executive will decide in the spring if the detected imbalances can be considered “excessive” or not . If Spain continues to persistently suspend the indicators and does not take the necessary measures to correct the imbalances, the EC could propose, as a last resort, the Council of the EU to impose a fine equal to 0.1% of annual GDP ( about 1,000 million euros)

 The Banking Act (KWG) regulates the business activities of banks and financial services companies. The focus is on the regulations governing the amount of lending in relation to equity, reserve requirements, Bafin’s influence on business activities and organizational requirements.

Basis of the KWG

Picture: Law paragraphsThe aim of the KWG is to steer the banking industry in such a way that, on the one hand, the banks are protected against bankruptcy and, on the other hand, that investors’ deposits are not jeopardized. This should generally protect the banking industry. The KWG came into force in 1936. Among other things, the KWG regulates the operating license for a company with the business object banking.

Loans and deposits

For the purposes of the KWG, the analysis of a credit institution does not separate deposits and loans. The notification of large loans and deposits ensures that they are in a healthy relationship. If the lending volume exceeds the permitted amount, Bafin decides whether or not lending is permitted. The companies have a duty to provide information, in which the key figures for the individual loan and deposit volumes must be stated on a monthly basis. For loans, a distinction is made between standardized loans, million credits and large loans. With regard to large loans, the report must be made every three months.

Definition of large loan

Under a large loan, the KWG understands all loans to a borrower in the sum, provided they exceed ten percent or more of the liable equity capital of the bank. As a result, a large loan in the context of credit default risk poses a particular risk for the bank. For monitoring, large loans as well as millions of loans are to be reported to the central bank for evidence of the Deutsche Bundesbank, the department that oversees bank lending. These loans are not just loans to non-banks, but also include cross-institution loan lending.

Basel II

This pass, implemented in Germany as Solvabilitätsverordnung, regulates the capital requirements for a bank with regard to borrowing. In addition to the risk weighting of the loans granted, Basel II is still based on two other cornerstones. One is the regulatory review process, which provides for ongoing scrutiny by the state bodies. Secondly, market control plays a role. This is made possible by the disclosure of the business activity. This allows market participants to assess how conservative or speculative a company works and reward or sanction it accordingly.

Related topics Credit Equity Equity Debt Bankruptcy Credit intermediary Residual debt waiver Remaining debt insurance Prepayment penalty Usurious interest Interest

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