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New here? Check out GermanPedia Your unfair advantage in Germany |
You must have heard about the strikes from farmers, train operators, and doctors in Germany. Several factors contributed to it, like the pandemic, printing loads of money, the Ukraine war, rising energy costs, high interest rates, inflation, etc.
Farmers don't want the government to lift subsidies on fuel prices. Train operators and doctors want a salary hike. The same can be seen in other sectors.
The German government is trying to manage the huge debt it took during the pandemic. But it's not been easy for them so far.
Not only the government but the companies have to cut down on costs. Companies financing their operations by borrowing money will be hit the hardest.
All thanks to borrowing new money being expensive. Imagine a company paying only 1 million in interest on a 100 million credit, now having to pay four times more.
Where will the extra money come from? Naturally, the cost will be transferred to the consumers. And if consumers reject the increased price, the company may face insolvency.
Another avenue for the companies is to cut costs. And the most popular cost-cutting option is laying off workers.
These are tough economic times, and the situation may worsen in 2024. So, hit the brake on your spending and create a saving cushion to navigate this roller coaster.
Thanks to rising interest rates, you can now open a savings account* and earn up to 4.2% interest rates.
Moreover, start investing in ETFs that track broad market indices. You can open a free depot account with Scalable Capital*.
You should submit your gas and electricity readings to your provider in January. It will allow your gas and electricity provider to calculate your consumption correctly.
You must submit the readings as you are eligible for the electricity and gas subsidy in 2023. If you don't submit the readings, your provider will calculate the consumption on their own.
And, if your consumption in 2023 was more than what your service provider calculated, you will lose the subsidy.
Electricity and gas providers offer discounts to attract new customers. You can take advantage of this fact by changing your provider every year.
You can compare the prices for electricity and gas on comparison portals, Check24* and Verivox*.
The comparison portals also offer discounts on top of electricity and gas providers' discounts. Hence making the new contract even cheaper.
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New here? Check out GermanPediaDid someone forward you this? Subscribe to this newsletter. Your unfair advantage in Germany Essentials Health : Co-payments (Zuzahlungen) in public health insurance rise by 50% from January 1, 2027. The change is part of the GKV-Beitragssatzstabilisierungsgesetz. What you will pay: [1] Prescription medicines: 10% of the price, at least €7.50 and at most €15 per item. Hospital stays: €15 per day. Heilmittel (e.g. physiotherapy) and home nursing care: 10% of the...
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