Germany to cut pension contributions, free up 1.3 billion euros: sourcesBERLIN (Reuters) - Germany plans to reduce the combined pension contributions it takes from employers and employees by a total of 1.3 billion euros in 2018 due to record-high employment and a rising level of reserves, government sources said on Friday. The contributions for 2018 that both employers and employees pay into the public pension system will be lowered by 0.1 percentage points to 18.6 percent of the total wage package, government officials told Reuters on condition of anonymity. That means employers and employees, who roughly share the contribution, will have about 1.3 billion euros more next year, the government officials said. The exact figures will be agreed after the government has published its updated tax revenue estimates due on Nov. 9, the officials said. The cabinet could then formally agree the reduction on Nov. 22. According to calculations thus far, pension contributions were meant to remain stable at 18.7 percent until 2021 and then rise to 18.9 percent in 2022 due to Germany s rapidly ageing society. Despite a recent rise in the birth rate and the arrival of more than a million migrants, experts estimate the working age population, whose pension contributions support the growing number of retirees, will shrink massively in the next decade. Employers in Europe s biggest economy often complain about the high level of pension contributions and regularly urge the government to lower the level. A survey of Germany s DIHK Chambers of Industry and Commerce showed on Thursday that companies view rising labor costs as one of the principle risks for future growth. worldnews
germany cut pension contributions free billion euros sourcesberlin reuters germany plans reduce combined pension contributions takes employers employees total billion euros due employment rising level reserves government sources said friday the contributions employers employees pay public pension system lowered percentage points percent total wage package government officials told reuters condition anonymity that means employers employees roughly share contribution billion euros next year government officials said the exact figures agreed government published updated tax revenue estimates due officials said the cabinet could formally agree reduction according calculations thus far pension contributions meant remain stable percent rise percent due germany rapidly ageing society despite recent rise birth rate arrival million migrants experts estimate working age population whose pension contributions support growing number retirees shrink massively next decade employers europe biggest economy often complain high level pension contributions regularly urge government lower level a survey germany disk chambers industry commerce showed thursday companies view rising labor costs one principle risks future growth worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Germany to cut pension contributions, free up 1.3 billion euros: sourcesBERLIN (Reuters) - Germany plans to reduce the combined pension contributions it takes from employers and employees by a total of 1.3 billion euros in 2018 due to record-high employment and a rising level of reserves, government sources said on Friday. The contributions for 2018 that both employers and employees pay into the public pension system will be lowered by 0.1 percentage points to 18.6 percent of the total wage package, government officials told Reuters on condition of anonymity. That means employers and employees, who roughly share the contribution, will have about 1.3 billion euros more next year, the government officials said. The exact figures will be agreed after the government has published its updated tax revenue estimates due on Nov. 9, the officials said. The cabinet could then formally agree the reduction on Nov. 22. According to calculations thus far, pension contributions were meant to remain stable at 18.7 percent until 2021 and then rise to 18.9 percent in 2022 due to Germany s rapidly ageing society. Despite a recent rise in the birth rate and the arrival of more than a million migrants, experts estimate the working age population, whose pension contributions support the growing number of retirees, will shrink massively in the next decade. Employers in Europe s biggest economy often complain about the high level of pension contributions and regularly urge the government to lower the level. A survey of Germany s DIHK Chambers of Industry and Commerce showed on Thursday that companies view rising labor costs as one of the principle risks for future growth. worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: germany cut pension contributions free billion euros sourcesberlin reuters germany plans reduce combined pension contributions takes employers employees total billion euros due employment rising level reserves government sources said friday the contributions employers employees pay public pension system lowered percentage points percent total wage package government officials told reuters condition anonymity that means employers employees roughly share contribution billion euros next year government officials said the exact figures agreed government published updated tax revenue estimates due officials said the cabinet could formally agree reduction according calculations thus far pension contributions meant remain stable percent rise percent due germany rapidly ageing society despite recent rise birth rate arrival million migrants experts estimate working age population whose pension contributions support growing number retirees shrink massively next decade employers europe biggest economy often complain high level pension contributions regularly urge government lower level a survey germany disk chambers industry commerce showed thursday companies view rising labor costs one principle risks future growth worldnews