The concept of state pensions dates back to the late 19th and early 20th centuries, when many Western countries were experiencing a period of significant social and economic change. Know more:
The concept of state pensions dates back to the late 19th and early 20th centuries, when many Western countries were experiencing a period of significant social and economic change.
In the US, the 1935 Social Security Act established a system of old-age benefits, which provided retirement income to workers who had contributed to the system through payroll taxes. This was a major step in the provision of social welfare in the US, and it remains a central part of the country’s social safety net.
People think that state pensions operate like an insurance policy. Insurance works because it is “pooled-risk.” Your home fire insurance is always there because many people will pay in and very few will collect as a result of a fire. France is going through major protests—actually riots—over government plans to raise the retirement age and eligibility for pension benefits to 64 from 62. The justification is that in 2000, there were 2.1 workers paying into the system for every one retiree; in 2020 that ratio had fallen to 1.7. That is not sustainable.
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