For the time being, there are three main levers which can be used to keep the impact on the statutory pension insurance scheme in check. One lever is the pension level. The current pension adjustment formula foresees a fall in relation to earnings. By contrast, according to the forecasts, the real pension level would continue to rise. The second lever is the contribution rate.
5 ECB (2021) "Eurosystem reply to the Communication from the European Commission  "The EU economy after COVID-19: implications for economic governance" of 19 October 2021", 1 December. 5/5  BIS - Central bankers' speeches