Independent, Oct. 18th 1999, p. 16
Reports research which argues that there is no need for European governments to contemplate a switch to funded pension schemes. One alternative is to raise the retirement age. It is calculated that there would be no problem paying for pensions out of current taxation if the retirement age were to rise to 69 by 2030. Other possible ways of reducing the dependency ratio of pensioners to workers include reducing unemployment, increasing the average hours worked each week, and encouraging immigration.
D. Knox and R. Cornish
International Social Security Review, vol. 52, Oct-Dec 1999, p. 25-45
Paper establishes and applies a set of characteristics or benchmarks whose presence indicates that a nation's total retirement income system can be considered to be equitable. In putting forward these characteristics, the aim is to develop clear distinctions between equitable and inequitable national retirement income systems.
Financial Times, Sept. 17th 1999, p. 2
Reports that Italy's powerful trade unions have blocked plans to cut their members' future pensions. The main goal of the government was to push through a drastic cut in 'early retirement pensions' which provide 80% of final salary to people retiring in their mid-fifties. This plan has now been dropped in the face of union opposition.