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Homebuilding

Germany to boost spending on social housing, work schemes, pensions-source

BERLIN, March 18 (Reuters) - Germany’s economy and finance ministers have agreed to spend around 5 billion more euros on social housing construction, labour market programmes and a pension programme to support low earners, a government source said on Friday.

Finance Minister Wolfgang Schaeuble is due to present his budget plan for 2017 on Wednesday, and the source said Friday’s agreement means the cabinet is likely to agree to the budget plans next week.

Germany is in dire need of more social housing after 1.1 million migrants arrived last year, and hundreds of thousands more are expected to enter the country this year. (Reporting by Holger Hansen; Editing by Hugh Lawson)

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