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The new system combines an earnings‐related public pension with mandatory, funded, defined‐contribution schemes. It applies to new labour‐market entrants and people aged 42 or under at the time of reform. Older workers could choose between this mixed system or a pure pay‐as‐you‐go, public pension. The modelling assumes that workers are covered by the mixed system.

Document Type: Review Article

Publication date: 2007-06-01

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