In the long and very long term, however, demographic, financial, and economic trends should be monitored. The number of retirees outnumbers the number of new jobs created. At the end of 2020, the reserve of the Pension Fund stood at €23.8 billion, i.e. almost five times the level of yearly payouts. With a rate of return of 5.5%, the reserve has grown by 73% in seven years.
