Akropolis Aims to Defuse the Pension Time Bomb with Blockchain
The global state pension industry is in dire straits. Many pension programs around the world are grossly undercapitalized and moving swiftly towards insolvency. For example, the Russian Pension Fund deficit is forecasted to double in 2018, while the combined shortfall in funding public pension obligations in 20 OECD countries amounts to $78 trillion, according to a Citibank report. This situation threatens to strip millions of people of their hard-earned benefits in their old age.
Globally, the retirement-age population will grow from 600 million to 2.1 billion by 2050. By then, there will only be four workers per one retiree compared to eight workers per retiree today. In addition, the global retirement savings gap will expand from $70 trillion in 2015 to $400 trillion according to World Economic Forum estimates.
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