Public pensions are a major component of government spending from "summary" of Public Finance by Harvey S. Rosen
Public pensions are a significant portion of government spending. These programs provide retirement benefits to individuals who have worked in the public sector. In many countries, public pension plans are funded through payroll taxes on current workers. The funds collected are then used to pay benefits to retired individuals.
The cost of public pensions can be substantial, especially as the population ages and the number of retirees increases. This can place a strain on government budgets, as more money is needed to fund pension payments. In some cases, governments may need to borrow money or raise taxes to cover the costs of public pensions.
Public pensions are ...
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