Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-04-12-Speech-3-283"
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"en.20000412.10.3-283"2
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"Mr President, we are voting against this report advocating self-funded pension schemes. This system restricts employees who want to guarantee a retirement pension for themselves that will give them enough to live on, to make their money available to investment funds, trusts, insurance companies or other private financial groups. At the same time, it makes the value of pensions subordinate to the financial markets, in other words, to speculation. What is more, all those whose salaries are too low for them to be able to pay into a pension fund will be entitled only to a very meagre pension.
Referring to demographic changes in order to justify this is a swindle. Productivity has increased tenfold in the last fifty years and if company owners and shareholders had not transformed the fruits of this productivity into purely private profit, it would now enable salaries to be higher and would guarantee appropriate pensions for everyone. If contributory pension schemes are having problems, it is only because there are fewer employed people in proportion to the number of retired people, because there are too many unemployed and because salaries are too low. So, if there is a shortfall in pension funds, States should take over by deducting the necessary amounts from the profits of industrial and financial groups."@en1
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