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Explain fully funded social security system

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The current age pension system in Australia is best described as a pay-as-you-go system (PAYG). An alternative system is a fully funded social security system. The compulsory super contributions by employers for employees are now at 9.5% of wages

a. Explain the two systems. And what happens to Australian output per worker and the growth of output per worker in the long run if the current age pension system is shifting to the fully funded social security system?

Detailed and using the formula

Reference no: EM133256144

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