This document highlights the fact that over a period of 21 years, between 1995 and December 2016, and in order to reduce fiscal costs:

• 76 countries increased the contribution rate in their PAYGO programs (example: France, Norway, Russia and Portugal).
• 53 increased the retirement age (example: Germany, South Korea, Denmark, Spain, France and Greece).
• 66 adjusted the benefits formula, or reduced benefits outright (example: Brazil, Belgium, Italy, Netherlands, United Kingdom, Viet Nam).

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