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Home Publications Blogs Beat the Press Why No Mention of Six-Figure Pensions at Age 50 at the IMF?

Why No Mention of Six-Figure Pensions at Age 50 at the IMF?

Sunday, 22 May 2011 07:49

The Washington Post Outlook section has a column by former World Bank director Moises Naim calling for change at the IMF in the wake of Dominique Strauss-Kahn's resignation as a result of sexual assault charges. It is striking that the piece makes no mention of the bloated pensions received by IMF staff.

The IMF's pension structure allows many of its economists to be able to draw pensions in excess of $100,000 a year in their early fifties. It is remarkable that no major news outlet has ever mentioned these exorbitant pensions at a time when politicians across the country have been screaming about pensions for public employees that average less than $30,000 a year and generally require workers to wait until their 60s before they start receiving benefits.

The high pensions at the IMF might be seen as especially offensive since the institution has been pushing countries around the world to raise the retirement age for their Social Security systems and public sector employees. The IMF also has little basis for claiming that worsening benefits will prevent it from attracting good employees. Its current staff completely missed the housing bubbles in the United States and elsewhere, the largest asset bubbles in the history of the world, leading to enormous suffering for hundreds of millions of people. It would be difficult to imagine being able to assemble a less competent group of economists than the current crew.

Comments (3)Add Comment
After I Stop Laughing
written by Union Member, May 22, 2011 10:01

I Think I'm Going To Be Sick.
"No major news outlet has ever mentioned these exorbitant pensions"
written by Union Member, May 22, 2011 10:27
The New York Times today, front page, above the fold, complete coverage of Lindsey Lohan's health and legal problems and how it - through today's journalism - contributes to GDP.
And, our mega-Banks will soon opt to invest in our communities!
written by bailey, May 23, 2011 3:25
Expecting or even hoping for reason from Not likely, it's not the times we live in. Expecting Government & publicly funded Agencies to choose the interests of the many over the few is, in itself, not well reasoned. It certainly won't stand to historical examination. What next, would we like to see our elected Politicians explain how rich they've gotten from "giving" their lives for the public good?

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.