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The old age pension is subject to income tax but continues to be fully protected against inflation; benefits are reviewed and indexed according to increases in the cost of living as measured by the Consumer Price Index (SDC, 2005b). Old age pensions have been introduced in all developed countries since the eighteen eighties, but according to different principles and for different reasons in the various countries. 72) under the National Old Age Pension Scheme introduced in 1996. |
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