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Workers vs pensioners: the battle of our time

The ageing of our society will reverse the trends of 30 years. Wages will rise, but working people will be locked in political combat with pensioners

Workers on the production line at a Honda plant in Ozu. Japan has already undergone changes that are now happening elsewhere. © Tomohiro Ohsumi/Bloomberg via Getty Images

Demographics, the study of the changing structure of populations, is widely acknowledged to be critically important. But demographic changes occur so slowly that almost no one considers their impact on markets, the economy and society, except as…

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