Raising the retirement age to 64 is a scandal, but setting 43 annuities to be
entitled to it is another. The goal is impossible to achieve for most employees,especially women. It means amputated pension, and therefore an invitation to takeout private insurance. Only high earners can risk it. We say "risk". ---- Whenemployees can no longer work, due to illness, unemployment or old age, they canclaim a "replacement income". In the case of the basic retirement pension, thisincome is equal to 50% of the average gross annual salary, calculated over thebest 25 years. If we add supplementary pensions, the replacement rate for anaverage employee reached 74% in 2019, according to the OECD.But beware ! If you do not have all your annuities, you suffer a progressivediscount on the basic pension. If, for example, when you reach 65, you liquidateyour pension and you are missing four annuities (16 quarters), the replacementrate drops to 40 % ! But basta, you are "free" to continue working until age 66if you want the full rate ! Let's be clear: it's flan.When you turn 55, the rate of unemployment and inactivity increases inexorably.Workers made redundant after this age have a hard time getting recruited. In2021, according to Dares (Ministry of Labour), 19.7% of people aged 55 wereunemployed; this rate rose to 24.6% at age 58; to 28.8% at age 60. Conclusion:the replacement rate for retirees is falling, over the various pension scrappingplans that have been suffered since 1993.To compensate for this drop, future retirees are invited to take out privateinsurance contracts. There we are no longer in a logic of distribution - wherethe active people pay, each month, the pensions of retirees -, but in a logic of"capitalization". Subscribers then top up a fund each month, which will be placedon the financial markets by their bank or insurance company. And once you retire,the fund will pay you back your due each month ! It is actually an illusion.Benefits from capitalization are mediocre. To compensate for a ten-point drop inthe replacement rate (from 50% to 40%), it would be necessary, according to theCGT, to save one month's salary, each year, for thirty years... Who can affordit, apart from high salaries ? And again, for a random result... We know what wepay into these funds (they are called "defined contribution"), but we do not knowwhat we will receive on arrival, and this monetary capital can be evaporate atthe rate of the financial crises heralded by climate change. In the UnitedStates, the funded pension crisis has forced a third of retirees to return to work.Defined contributions, random pensionsSo who benefits from the funded system ? The government pretends to believe thatthese savings will be directed towards productive investments. One wonders why !The intrinsic logic of pension funds is short-term financial profitability,without any other social, societal, industrial vision or anything... The onlybeneficiaries will be the actors and actresses of the financial economy, eagerfor new masses. currencies to play on the stock exchange.Guillaume Davranche (UCL Montreuil)https://www.unioncommunistelibertaire.org/?Retraites-Une-escroquerie-qui-a-de-l-avenir-la-capitalisation_________________________________________A - I N F O S N E W S S E R V I C EBy, For, and About AnarchistsSend news reports to A-infos-en mailing listA-infos-en@ainfos.ca
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