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First they came for the reds now they are coming for your retirement

The OECD wants us all to work longer for less. Yet another sign of the productivity miracle that is capitalism working for the workers.

Via the FT

OECD calls for rapid rise in retirement age

By Norma Cohen, Economics Correspondent

Published: March 17 2011 10:01 | Last updated: March 17 2011 10:01

Governments must move quickly to raise the retirement age beyond 65 and scrap the barriers that keep older people out of the workforce if national pension systems are to remain both adequate and financially sustainable, the Organisation for Economic Co-operation and Development has warned.

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7 thoughts on “First they came for the reds now they are coming for your retirement

  1. And reality intrudes again.

    Should Canadians be concerned about their CPP pensions?

    Canadians’ CPP pensions are not at risk and Canadians should not be concerned about their CPP pensions. In November 2010, the Chief Actuary of Canada reaffirmed through his triennial review that the CPP remains sustainable at the current contribution rate of 9.9% throughout the 75-year period of his report.

    Despite the recent unprecedented market downturn, we remain confident that our investment strategy will deliver the returns required to help sustain the plan for decades and generations. The CPP Fund is broadly diversified and designed for a long investment horizon and multi-generational mandate.

    The $140.1 billion portfolio is not being used to help pay pensions today. In fact, it will be another 10 years before even a small portion of the CPP Fund’s investment income will be needed to help pay pensions in 2021.
    Beyond that time, the CPP Fund will continue to grow for decades to come.

  2. This post was meant to be cheeky. It was not specifically about Canada. I will have go pull the actual report. My point is that the OECD is scaremongering over retirement age because they (advanced capitalist countries) have mounting macroeconomic fears over retirement, health care costs and declining tax receipts. Getting people to work longer solves a couple of theses “problems.” The other route is higher taxes and more socialization neither of which the OECD has been in favour of lately. When I have two more seconds I will foist your comment up into the main post so as not to contribute to the sky is falling rhetoric coming out of the OECD.

  3. Ok.

    Yesterday, in Quebec it was telling that the increase in pension contributions and stiffer penalties for early retirement were repeatedly linked to fears over mounting health care costs of the boomers.

    In a way this is inevitable as the boomers voted for PIT cuts in their best earning years.

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