The planned traffic light coalition of the SPD, Greens and FDP is taking on political contours, even in difficult areas such as social policy: This should have a social-democratic signature - but with a few clear liberal accents.

This applies to pension policy, for example, as the exploratory paper presented by the party leaders shows: "There will be no pension cuts and no increase in the statutory retirement age," the designated partners announce.

One will "strengthen the statutory pension and secure the minimum pension level of 48 percent".

Julia Löhr

Business correspondent in Berlin.

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Manfred Schäfers

Business correspondent in Berlin.

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Dietrich Creutzburg

Business correspondent in Berlin.

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Specifically, this means that the so-called sustainability factor in the pension formula should not be in force and that pensions should increase annually at least as much as wages.

So far, the factor stipulated that when the baby boomers retired, pensions should rise more slowly than the wages of contributors and taxpayers in order not to overwhelm the latter.

During the election campaign, the SPD had advertised with “stable pensions” - by which it means the abolition of the sustainability factor.

But there is an FDP accent: In order to “safeguard this“ generation-appropriate ”, one will start“ in a partial funding ”of the statutory pension.

This refers to the concept of a "share pension".

And the paper is very specific here: “In a first step”, the pension fund will be “injecting a capital stock of 10 billion euros from budget funds in 2022”, which it will then invest lucratively on the capital market.

The situation is similar with the plans for the minimum wage: This is to be increased to 12 euros in 2022, as demanded by the SPD and the Greens.

However, the FDP secured the future of the often controversial mini-jobs: Their earnings limit, previously 450 euros a month, is now to be linked to the minimum wage - based on 10 hours of weekly working time.

At 12 euros, it rises to 520 euros.

2 percent area for wind power

For climate protection there is to be an "immediate program" in 2022 and the coal phase-out "ideally" by 2030. There should not be a general speed limit, as demanded by the Greens. The CO2 price is not explicitly mentioned in the paper, but the European emissions trading is, which is likely to have been important to the FDP. 2 percent of the land area is to be devoted to wind turbines. Solar systems should become mandatory on new commercial buildings, "the rule" when building private houses.

Better support for start-ups plays a major role in economic policy. The state-owned KfW bank is to become an "innovation and investment agency". The duration of planning procedures should be halved at least. This would also facilitate the planned construction of 400,000 new apartments annually in the future, 100,000 of which are publicly funded. This was a central election promise of the SPD. The parties want to "evaluate" and extend the existing rent regulation, but apparently not tighten it.

In financial policy, the FDP achieved that controversial tax increases are ruled out. In addition, the coalition would hold on to the debt brake. Capital collection centers should be better able to invest in future technologies. That sounds like a public-private company that should allow the federal government to tackle more projects despite the debt brake. The three parties promise a "decade of future investments".

The revival of the wealth tax hoped for by the SPD and the Greens is excluded with the passage: "We will not introduce any new taxes on assets or increase taxes such as income, corporate or VAT." There is nothing to be found on the solidarity surcharge.

With "super depreciation for investments in climate protection and digitization" one wants to boost the economy.

One wants to gain budget leeway by checking the budget for “superfluous, ineffective and environmentally and climate-damaging subsidies and expenditures”.

In addition, the potential partners want to increase the savings allowance from 801 euros to 1000 euros.