Making Retirement Work
When public pensions were first introduced across the world's advanced economies, most people did not live long enough to collect benefits, and more younger workers paid into the system. Unless able-bodied retirees are required to contribute more, the status quo will become economically and politically unsustainable.
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MILAN – In most developed countries, a retirement of leisure is one of the great socioeconomic innovations of the past century. But it is quickly becoming a luxury that few countries can afford, particularly in Europe. The retirees enjoying a second youth may not want to hear it, but it is past time that governments made public pensions partly conditional on community work.