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Government Employees Stripped of Rights by Law Change
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State employees' pensions have fallen by an average of ten percent after changes in 2016 and 2017, says Gylfi Magnússon, professor and former Minister of Economic Affairs and Trade. The changes basically involved switching from defined benefits to defined contributions. Before the changes, public employees could rely on defined benefits regardless of how the pension fund performed. After the changes, the state does not guarantee anything except …
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