Walter Riester (born 27 September 1943 inKaufbeuren) is a German politician of theSPD and former Minister of Labour and Social Affairs.
Riester joined the SPD in 1966. From 1993 to 1998 he was deputy chairman of theIG Metall.[1]
From 1998 until 2005, Riester was a member of the SPD's federal executive board, under the leadership of successive chairmenGerhard Schröder andFranz Müntefering.
From 1998 to 2002 Riester was Minister of Labour and Social Affairs in the cabinet ofChancellorGerhard Schröder. The ministry was dissolved after the2002 elections, so Riester was withdrawn from the cabinet, although there had been no change of government. His name is best known for the so-calledRiester-Rente, a grant-aided privately fundedpension scheme, which was created during his term of office.
From 2002 until2009, Riester was a member of the German Bundestag, where he served on the Committee on Economic Cooperation and Development. In addition to his committee assignments, he was a member of the German delegation to theParliamentary Assembly of theCouncil of Europe.
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| Preceded by | Vice President ofIG Metall 1993–1998 | Succeeded by |
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