170,000 textile workers join German pensions giant

GERMANY – The 170,000 strong West German textiles and clothing industry workers have formally joined their metal, electronic and steel industry counterparts in the new industry wide pension scheme company, Metall-Rente, which will start operating next year.

The industry’s two representative bodies, Gesamttextil and the Bundesvereinigung Bekleidungsindustrie, have struck the deal that will see them form part of the largest occupational pension scheme company to be formed in Germany as part of the country’s Riester pensions reform.

Metall-Rente’s potential membership now numbers over 3.5 million.

Says a spokesperson for IG Metall: “The concept of building a sector wide pension fund system for our members keeps growing. Workers in the textile and clothing industries will have at their disposal the full range of retirement savings services that IG Metall and Gesamtmetall, the metal industry’s employers association, can offer.”

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