The first national Old Age Pension was brought in in 1909 by Lloyd George, the chancellor of the time.
BBC: NEWS | Programmes | Working Lunch | Pensions: Past, present and future
At the same time, old age pension, medical, and nursing welfare costs are growing at JPY 1 trillion a year.
The military, the old age pension checks, all those sorts of things.
But the premise of this agreement is measures to hold down ballooning old-age pension, medical, and nursing care costs.
After all it was that arch-reactionary, Otto von Bismarck, who introduced the world's first welfare system, including the old-age pension, in Germany in the 1860s.
Although Italian men must wait until 65 before they officially qualify for an old-age pension from the state, those who have got 35 years of contributions under their belts can retire and draw state pensions when they are 57.
Now the problem comes, of course, because the closer you are to pension age, the more you hit the sort of cliff face, as it were, and somebody at 59 or in their early sixties with a 65 year old pension age is literally in no really different position than a pensioner.
"Some people might think about quitting their new pension, but we urge them to stick with it and get saving for their old age, " said Joanne Segars, chief executive of the National Association of Pension Funds (NAPF).
But the changes he was proposing still meant people had to provide for their old age especially when they had got tax concessions through their pension schemes.
In 1975 -- by no coincidence the first year that benefits were indexed to inflation -- Social Security's pension fund, whose formal title is Old-Age and Survivors Insurace (OASI), paid out more than it took in.
HelpAge said more countries needed to introduce pension schemes to ensure economic independence and reduce poverty in old age.
Scott Quenneville, a 41-year-old Hostess bread driver in Detroit, said he saw his pension eligibility age rise to 65 from 57 when Hostess stopped contributing to the pension in August.
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Lavish pension systems allow them to step out of the labour force long before old age would force them to retire, leaving a heavy burden on the workers that remain.
Were Congress to raise the retirement age to, say, 70 years old, this would provide all the leverage these companies need to raise the retirement age in their own corporate pension plans allowing the companies to defer paying the benefits they promised their workers and provide more time for these companies to deal with these underfunded plans.
The proposed rules say the partial pension arrangement can't begin until an employee reaches 59.5 years old--an age based on current penalties for early distributions from retirement plans.
Public pension systems do not achieve a reasonable trade-off between actuarial fairness and protection against poverty in old age.
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