How to save the young from the burden of pensions
Bini Smaghi said that when EU countries have implemented reforms of pension systems, younger workers have been discriminated against through increases in contributions, reductions in benefits and a progressive increase in retirement ages, while those of their parents is unchanged.
"This has led to a deterioration in the relative living standard of the younger generation, an increase in their relative labour costs and more precarious social and working conditions," he said in the article.
He said the solution to such discrimination is to adopt a rule of a constitutional nature, so that it cannot be easily reversed.
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