Germany is preparing sweeping pension reforms to address an ageing population and rising costs.

The retirement age, currently 67, is set to gradually increase to 70 by the end of the century.

Early retirement without deductions after 45 years will be abolished, more workers will be required to contribute, and a new stock market-linked scheme aims to stabilize pensions.

While the government calls the changes necessary, critics and younger Germans are concerned about fairness and future security.