Volkswagen Protests Heat Up
Volkswagen Group CEO Oliver Blume was booed by a crowd of 20,000 employees after stating that the company is not “operating in a fantasy world.” The company already saw 100,000 [...]
Swiss Occupational Pension Plan Turns Out to be a Ponzi Scheme?
In Berne, Switzerland, there has been a redistribution in occupational pensions which has revealed that it too is not a funded pensions plan as people previously assumed. For at least twelve years, pension fund monies have flowed from the employed to the pensioners. The amount has reached a tremendous scale with funds in the order of more than 90 billion francs being redistributed during these years. This is the result of data collected by PPC Metrics, the pension advisor for the SonntagsZeitung.
The AHV pension scheme is heavily redistributed in the pay-as-you-go system, but the occupational pension schemes should have been fully funded. With low-interest rates, the presumed fully funded occupational pension plan is now also operating as a Ponzi scheme. The prospect of future payments has been called into question.
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