Can someone explain what “+ retirement savings” means here? I’m trying to figure out what the comment means by that, like they’re implying saving money for retirement isn’t done in Europe?
Most people still save up for retirement in Denmark, but you also get paid a monthly retirement wage by the government. That way, even if you’ve been unable to work for an extended period of your life, or some other reason, you won’t be straight up abandoned by the government. It’s however not enough to live comfortably on, so anyone who is member of a union at a company that has made an agreement with a union, which is by far most, will have some money put aside for a retirement account. I have a pretty good contract, and pay 2% of my wage, while the company pays 11%. This is something my union negotiated a long time ago. When I retire I get a payout from that account, while also getting the government retirement wage.
Can someone explain what “+ retirement savings” means here? I’m trying to figure out what the comment means by that, like they’re implying saving money for retirement isn’t done in Europe?
Most people still save up for retirement in Denmark, but you also get paid a monthly retirement wage by the government. That way, even if you’ve been unable to work for an extended period of your life, or some other reason, you won’t be straight up abandoned by the government. It’s however not enough to live comfortably on, so anyone who is member of a union at a company that has made an agreement with a union, which is by far most, will have some money put aside for a retirement account. I have a pretty good contract, and pay 2% of my wage, while the company pays 11%. This is something my union negotiated a long time ago. When I retire I get a payout from that account, while also getting the government retirement wage.