The First Old Age Pension

January 29, 2013 in Trivia

Senior Toasting with ChampagneQ: Who created the first old age pension?

A: The first old age pensions were created under the Old Age Insurance Act of June 1889 ─ effective Jan. 1891 ─ introduced in Germany by Otto von Bismarck. The pension matured for individuals at 70 years old, provided they paid 30 years of premiums. The employer matched contributions, based on a graduated income scale. Contributions were mandatory for all 16 years or better in full employment.