Calculating the cost of a pension scheme depends on two key assumptions.

计算一个养老金计划的成本取决于两个关键假设。

youdao

Under current rules, Brazil's minimum wage will rise by 7.5% in real terms next year—at huge fiscal cost, since pension payments are linked to the minimum wage.

在现在的制度下，巴西最低工资将在明年上升7.5%，因为退休金支出和最低工资是相联系的，所以这会导致巨大财政花费。

youdao

That meant the cost of the pension system was very modest.

养老金系统的整体成本还是非常适度的。

youdao

"The total cost of the more generous but later pension is the same as the cost of the current less generous but earlier pension", Mr Ralfe says.

BBC: Civil service pensions 'still gold plated'

He also worries that the pension changes could cost the city hundreds of thousands in legal fees defending a likely court challenge by the unions.

WSJ: A Pension Battle Erupts in San Jose With Cops and Firefights at Center

What this means is that when the income generated by bonds falls, as it has been doing, any pension fund would theoretically have to hold massively more of those bonds to meet the cost of future pension payments.

BBC: Holy pension hole