Helen Joyce

speaker

181 appearances 6 recordings 1 series first heard Dec 2012 last heard Jan 2015

Helen Joyce’s voice in public audio — every appearance, attributed to the second.

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More or Less · Numbers of 2012 · 28 Dec 2012 podcast

You pay in, it's compulsory. matched

It's pay as you go, so it's current pensioners who are living off your contributions, and the hope is that in the future you're going to live off other workers' contributions. matched

There's a similar system for public sector workers, but the point is these are all run by the government and backed by the government. matched

I looked into the numbers. matched

The only country, the only big country in the world that spends more on pensions than Brazil is Italy. matched

And Italy is well known to be having a pensions crisis. matched

So that has two big implications. matched

One of them is current. matched

It means that all other sorts of government spending are starved and it's children who lose out in Brazil. matched

The second implication is for the future. matched

Every year, Brazil is spending more on pensions. matched

And calculations suggest that if they were to keep the current system by about 2050, workers will be having to put nearly their entire salaries into pensions. matched

Not their pensions, mind you. matched

It's a pay-as-you-go system, other people's pensions. matched

Workers will be working solely to support old people and keeping nothing for themselves. matched

Now, obviously, that can't happen. matched

Things that can't go on don't go on. matched

So this is going to come to an end, but when? matched

So Brazil has certainly got less than ten years, I would say, to reform its system in a sensible manner, allowing people who are already in the system to keep the benefits that they have accrued already, do it gradually, bit by bit, raise the retirement age a year at a time. matched

Otherwise, they're going to get to a stage of complete deadlock. matched

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