Tuesday, April 22, 2008

Australia: Minister Discusses Proposals to Raise Retirement Age

Premier Morris Iemma of New South Wales, in the runup to the 2020 Future Summit in Canberra hoped to raise the issue of the potential for lifting the official retirement age. The state of New South Wales is pushing for the retirement age to be lifted because of fears of a massive financial burden. While NSW Minister for Aging, Kristina Keneally has denied that there will be an increase in the age at which one is entitled to the age pension, currently 60 for women and 65 for men, Iemma said that the 30-year-olds of today are looking to have a retirement that will last 20 to 30 years, and it is due to this that a plan must be looked at to deal with the demographic challenge as well as the financial impact.

Source: Post Macquarie News "Keep working, says govt" (April 21, 2008); Scopical "Retirement age could be lifted says Iemma" (April 18, 2008)

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