Overall, when looking back at the last few years, it is important to acknowledge the progress that has been made in reducing inflation volatility in South Africa, including in response to exchange rate shifts, and how this has allowed for a better anchoring of inflation expectations and, in turn, how this has also limited the need for sharp monetary adjustments.
In the public sector, pension promises tend to be relatively generous (sometimes to make up for lower current earnings relative to the private sector); in some countries, they are also partially funded or paid out directly from government revenues, or their valuation and disclosure may lack transparency.