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By Kenzaburō Ōe

Kenzaburo Oe, the winner of the 1994 Nobel Prize for Literature, is the world over acclaimed as the most vital and influential post-World conflict II writers, recognized for his robust debts of the atomic bombing of Hiroshima and his personal fight to come back to phrases with a mentally handicapped son. The Swedish Academy lauded Oe for his "poetic strength [that] creates an imagined global the place lifestyles and fantasy condense to shape a disconcerting photograph of the human quandary today."

His most well-liked e-book, a private topic is the tale of chook, a pissed off highbrow in a failing marriage whose Utopian dream is shattered while his spouse offers beginning to a brain-damaged baby.

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Sample text

By contrast, the total EU-15 population, now 376 million people, is projected to shrink to 363 millions by the year 2050. Here too Europe’s baby boomers will swell the ranks of those aged 80 and over, while the number of people under 55 years of age will be lower than it is today. As a consequence the median age will go up from a current 38 to no less than 47 years. As was to be expected, things are even more dramatic in Japan, where total population is projected to decline from 127 to 101 million persons, and the median age to increase from 41 to 53 years.

14 Thus, even 22 Chapter 2 t if the Aaron condition applies, ipayg can be negative for those at the top end of the income distribution, and it can easily exceed r t À 1 for those at the bottom end. 15 In real life, pension schemes often reflect the political bargaining power of different categories, as well as equity considerations. Let us now look at the intergenerational redistribution that takes place in an unfunded scheme. At an early stage in the history of the scheme, current pensioners may not have paid contributions over their entire working life, yet they receive full-fledged pension benefits based on the simple pay-as-you-go mechanics.

Earnings in each of these years are indexed by wage growth. Average indexed earnings are then converted into benefit entitlements at differing rates, decreasing from 90 to 15 percent as one moves from low to high wages. For an average earner with a full lifetime work record, benefits are around 40 percent of current average wages in the first year in retirement. The benefit level decreases in later years, as pensions after the first year of retirement are only indexed by consumer price inflation. In any case, public pensions in the United States leave substantial room for supplementary provision on an occupational or fully private basis in order to maintain earlier living standards during old age.

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