THE past few decades have been the cushiest time ever to be a pensioner in a developed country. Not only has the world been getting ever richer (at least until very recently), which rubbed off on pensioners too; but as a group they have also become much more comfortable relative to the rest of the population. In recent years mandatory pensions across the OECD, net of taxes and social-security contributions, averaged over 70% of previous net earnings for people on average pay and over 80% for the low-paid. For the better-off the replacement ratio was lower, but they can cope. ...
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(The Economist, June 25th 2009)
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