As seen in the picture above, a bushing will need to be replaced if it has become damaged. Pivot holes will wear in an oblong shape from years of friction without proper lubrication on your clocks movement. All worn pivot holes will have new bushings installed during an overhaul.
Old bushings and bad previous repairs such as the "punched" bushing do not supply the proper support for the pivot and will ultimately cause further and worse damage to your clock.