Rentenreform: Deutsche Banken befürchten Ende der Altersteilzeit in der Branche

Deutsche private banks are worried that the German Rentenreform will remove a crucial tool in restructuring and workforce reduction: the Altersteilzeit (early retirement) model in the block system. The source of their concern is the proposal from the Age Insurance Commission within the planned retirement reform in Germany, which states "block-mode early retirement should no longer be possible."

In this model, employees work full-time during the first half of the early retirement period and not at all during the second half, with both parts spanning several years. If the block system is indeed abolished, it would effectively mean an "abolition of early retirement, as at our company 99 percent of employees take the block model," said Carsten Rogge-Strang, CEO of the private banks' employers' association.

The employers' association includes Commerzbank, Deutsche Bank, Aareal Bank, and Hamburg Commercial Bank. Rogge-Strang stated that while it is legitimate to consider early retirement in the context of the retirement reform, abolishing the block model would not have positive effects and would deprive industries with high transformation potential of an important tool for socially acceptable workforce restructuring.

The Age Insurance Commission justified the proposal to abolish the block model, arguing that early retirement incentives would be reduced and additional employment opportunities for older workers secured. The private bank employers argue that the block model also prevents less protected younger people from being affected during social restructuring, as it has been the absolute exception in recent restructuring cases.

Their concerns were also expressed in a letter to the Federal Ministry for Labor and Social Affairs. The banking industry faces major cuts in the coming years due to consolidation and the increasing use of artificial intelligence. AI alone could allow European banks to reduce their workforce by up to a fifth "short-term," according to analysts from Morgan Stanley.

Retiree benefit schemes are also expected to play a role. Both employers and employee representatives agree on the issue of the block model. The trade union Verdi also opposes its abolition, according to a spokesperson who spoke to Bloomberg. Regardless of the block model, the Age Insurance Commission had also recommended raising the retirement age for accessing early retirement from 55 years to 58 years.