 Germany's cabinet has approved plans to raise the retirement age from 65 to 67 as Europe's largest economy tries to cut state spending and pension costs. The move, which needs to win the backing of parliament, is opposed by workers' groups and trade unions. Like many other nations, Germany is having to change its pension system as its population lives for longer. The government also approved a plan to try to keep people in jobs for longer and lure some pensioners back to work. According to Labour Minister Franz Muentefering, only 45% of Germans over the age of 55 are currently employed. The plan to get people to return from retirement, known as Initiative 50, offers sweeteners including wage subsidies and perks to employers. ...
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