An inter-generational contract is a dependency between different generations based on the assumption that future generations, in honoring the contract, will provide a service to a generation that has previously done the same service to an older generation.
The most common use of the term is in statutory pension insurance provisions and refers to the consensus to provide pension for the retired generations through payments made by the working generations.
The use of the word contract is not entirely accurate as the next generation implicitly enters the agreement without consent.
Read more about this topic: Intergenerational
Famous quotes containing the word contract:
“A good businessman never makes a contract unless he’s sure he can carry it through, yet every fool on earth is perfectly willing to sign a marriage contract without considering whether he can live up to it or not.”
—Dalton Trumbo (1905–1976)
“Any intelligent woman who reads the marriage contract and then goes into it, deserves all the consequences.”
—Isadora Duncan (1878–1927)
“A contract for better for worse is a contract that should not be tolerated.”
—George Bernard Shaw (1856–1950)