Walter Riester

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Walter Riester (born September 27, 1943 in Kaufbeuren) is a German politician of the SPD and former Minister of Labour and Social Affairs.

Walter Riester joined the SPD in 1966 and since 1998 he has been a member of the party's federal executive board.From 1993 to 1998 he was deputy chairman of the IG Metall.From 1998 to 2002 Riester was a member of the cabinet of the then chancellor Gerhard Schröder.He was appointed Minister of Labour and Social Affairs.The ministry was dissolved after the federal elections in 2002,so Riester was withdrawed from the cabinet,although there had been no change of government. His name is best known for the so called Riester-Rente,a grant-aided privately funded pension scheme,which was created during his term of office.