They have pensions in the US, it is called social security. But it is not self-sustainable and not good enough for medium-and-above income earners. It is basically a way to ensure seniors don't live in abject poverty.
What they moved away from was private pensions owned by your company. Now you own your private pension through the 401k thing they keep talking about. This IS a better and more sustainable system, but at the same time this was rolled out most companies also cut company-pensions but didn't give you more compensation that you can put on your 401k.
European companies are not forced to pay into your private pension either, it is usually part of union negotiations. Check how much basic pension pays out in Sweden (the almighty socialist country), last I checked it is ~900 euro per month. My parents in law make that much per month in retirement because they never put any money towards a private pension and never held a unionized job.
What they moved away from was private pensions owned by your company. Now you own your private pension through the 401k thing they keep talking about. This IS a better and more sustainable system, but at the same time this was rolled out most companies also cut company-pensions but didn't give you more compensation that you can put on your 401k.
European companies are not forced to pay into your private pension either, it is usually part of union negotiations. Check how much basic pension pays out in Sweden (the almighty socialist country), last I checked it is ~900 euro per month. My parents in law make that much per month in retirement because they never put any money towards a private pension and never held a unionized job.