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The Boston Globe

Business

Calls for mandatory savings plan arise

NEW YORK — BlackRock’s Laurence D. Fink, head of the world’s largest asset manager, says that US employers should be required to put money aside for their employees’ retirement, similar to what is done in Australia’s superannuation system.

‘‘The current system is not working, and we need a comprehensive approach that includes some form of mandatory savings in addition to Social Security,’’ Fink, chief executive of New York-based BlackRock, said last week at New York University’s Stern School of Business. ‘‘The longer we wait to fix it, the tougher the task becomes.’’

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