The problem with pensions is that they are easy to promise but hard to fund. Politicians have in the past offered fat benefits and low retirement ages to voters. Bosses have offered similar goodies to workers. Without proper accounting, the full cost of those promises does not become clear for decades, by which time the politicians and bosses are long gone. Now the bill is coming due, as the new Pensions Outlook from the oecd, an international think-tank, shows.
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