GPIF's higher returns won’t solve social security woes

The Government Pension Investment Fund achieved a record profit last year, and the value of its assets climbed to a fresh high. However, the fund won’t earn double-digit returns on a sustained basis. Further tax hikes or higher social security contributions will be needed to address the outsized social security funding gap. 

Subscriber content

Read this in full, free

Start a free trial and use one of your 10 free starter credits to unlock this piece.


Free. 10 articles. No card required.
By completing this form you are agreeing to our Terms and Conditions for the provision of a free trial of Capital Economics' services. We take your privacy seriously and will not share your details with others without your consent. By providing your details, including your email address, you are consenting to Capital Economics sending you macroeconomic commentary and analysis. You can unsubscribe at any time. See our Privacy Policy for more information.

Already a client or trialist? Log in to read this.