Word: pension
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...zone, where the jobless rate is just below 9%, unchanged from a year ago. But some of the panelists were heartened by what they see as genuine efforts by governments across the Continent to tackle some persistent problems, including a lack of labor mobility and unsustainable health-care and pension systems. In Germany, Chancellor Gerhard Schröder has introduced a slew of new measures designed to create jobs, including unpopular cutbacks in unemployment benefits. In France, the government of Jean-Pierre Raffarin has triggered protests by changing the law to allow employees to work more than 35 hours a week...
...Klein discussed why President Bush is taking the controversial position in favor of reforming Social Security [Jan. 24]. Although I usually agree with Klein, I take issue with his endorsement of private investment accounts for Social Security. Over the past quarter-century, most Americans have moved from traditional pension plans into retirement savings plans funded by employer and employee contributions. Those are private investment accounts, and all involve risk. Individuals own those accounts and manage them. At one time, the employer bore the risk and responsibility in a pension plan, but now the employee does. I find comfort in having...
Downside High management fees have eaten up investment gains for many retirees. Benefits for older pensioners still in the former system plus the cost of pension guarantees account for 25% of Chile's national budget...
Downside Individuals saw few gains. In a vast scandal, private pension firms exaggerated expected returns, and they were forced to pay $24 billion in damages. With little faith in the system, workers contribute to private accounts at a relatively low rate. Experts are worried that more retirees will end up poor...
...among unaffiliated voters and women, formerly his staunchest fans. "People are bitter because they feel that many of the so-called 'Koizumi reforms' are proving to be an illusion," says political analyst Takao Toshikawa. Despite Koizumi's successful handling of Japan's banking crisis, his initiatives in highway and pension reform have bogged down, while his plans to privatize the nation's postal-savings system remain mired in controversy...