Yegparian: Pensions
Issues concerning pensions are getting a lot of publicity these days. In the popular mindset, pension plans persist mostly in the public sector. To the extent that’s true, it’s because private companies have largely been let off the hook as far as any moral obligations towards their employees in retirement. In the interest of full disclosure, I am a public employee.
Let’s remember what pensions are about. It is a way for workers to secure their financial future in old age/retirement. The deal with the employer is the employee puts out effort to secure good profits for the employer. The employer saves some of those profits to pay to retirees later. Everyone, including the economy in general and families, benefit instead of having wealth accrue in a very limited number of people’s hands, with an overwhelming majority facing an impoverished old age.
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Very good article. This is a serious topic. I am afraid the trend is not in favor of the workforce.
I wrote on the same subject back in January 2006.
http://thissideoffifty.blogspot.com/2009/01/january-2006-retirement-of-pensions.html
Our perspective overlap a bit and differ here and there. Reading both might provide for an interesting exchange here.
All the best,
Mark
This article has virtually nothing to do with Armenian affairs or Armenian causes, except this: Employees these days have to be masters of their own retirement destiny, and not depend on anyone else to do it for them. Likewise, we Armenians cannot do what we have done for centuries–that is depend on someone else to do it for us. Self-reliance is the key, not only for today’s workers but also, and especially, for Armenia and the Armenian people.