News Snapshot:
There is no way to circumvent this problem. For example, in 2020 the government offered firms relief from the worsening economic conditions by lowering the contribution they had to make. This led to a decline of about 13 per cent in pension fund revenues, despite a 5.5 per cent increase in expenditures. Government entities were forced to inject billions to plug the immediate gap. The available accounts remain murky. We do know that at the end of 2019, the pooled surplus from the urban pension plans was about $US790 billion, which was sufficient to sustain only 13 months of benefit...
