Word: pension
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...After a full week of campaigning, there were few policy differences between the two candidates on many important issues, including the handling of over 50 million lost pension records, rural economic stagnation and tax reforms. Abe's failure to address these problems cost his party control of Japan's upper house, and yet, like their fallen predecessor, both Fukuda and Aso preferred to highlight their foreign policy differences - Fukuda called for open talks with Japan's neighbors, while the hawkish Aso took a conservative stance on the Yasukuni war shrine, a sore point in Asian relations. Both favored postponing...
...diplomatic relations with Asia through "heart-to-heart" dialogue. And guess what? That's what Fukuda, a former Chief Cabinet Secretary, peddles himself as today: a consensus-driven political insider who opposes Yasukuni visits because they alienate Japan's neighbors. The country's enormous public debt? A scandal-ridden pension system? A bloated bureaucracy? Neither Fukuda nor Aso has dedicated much campaign time to such issues...
...allowance or a fixed subsidy--as long as we can afford it--but we're not going to give you retiree health benefits," Darling explains. "There's a big difference." It's a shift similar to the one that transformed retirement, replacing the defined lifetime benefit of a pension with a defined contribution to a 401(k). The risk becomes the employee's, not the company...
...youngest ever boss. The scale of the challenge of running BA, Europe's third largest airline, after his four years as boss of the Irish carrier Aer Lingus "was easy," says Walsh. "I just multiplied everything by 10." That applied to problems too. When he arrived, the company's pension fund was short by almost $3 billion, more than the shortfall at any other major British firm. And the payroll for BA's 46,000 employees sucked up a bloated 30% of its costs...
Fired up by the math, Walsh (a former Aer Lingus pilot who landed the top job there in 2001) quickly got to work cutting the figures down to size. On his first Monday at BA, he set about reaching a deal with trade unions to rub out the pension's deficit over the next decade through one-off cash injections and changes to employee benefits. Two months later, "Slasher," as Walsh was known while rescuing the Irish carrier from the brink, cut hundreds of senior managers. Soon afterward, he unveiled a blueprint for shrinking BA's costs by close...