Over 65s to double by 2040 – changes needed

Published: Wed 14 Aug 2013 02:17 PM
Spokesperson for Finance
14 August 2013                                                              MEDIA STATEMENT
Over 65s to double by 2040 – changes needed
The number of Kiwis aged over 65 will double by 2040 to 1.2 million, showing Labour is right to steadily raise the retirement age to 67 to make super affordable, says Labour’s Finance spokesperson David Parker.
“The cost of super will be more than putting our children through the entire education system from early childhood to university, in just two years. New Zealanders agree it is simply wrong to spend more on superannuation than educating our children.
“John Key doesn’t understand that. He doesn’t realise that New Zealanders want the Government to start planning now so that we can save super and be fair to everyone.
“Since 2008 super costs have ballooned from $7.3 billion to $10.2 billion. With our retired population set to double in two and a half decades, we need to get a plan in place now so that super can be protected for all Kiwis.
“Labour’s plan is to start steadily raising the retirement age to 67 from 2020. That’s a fair and reasonable way to ensure we can pay for our retirement and means that no one currently older than 58 will have to work beyond 65. We will also have an exception for those in labour-intensive jobs that can’t work after 65.
“Labour understands the importance of superannuation to people. That’s why we are committed to keeping it in a way that is fair across generations. If we don’t steadily raise the age Treasury says we will have to lift GST to 17 per cent.
“Polls show that New Zealanders support our policy. No one wants to work for two more years but Kiwis are willing to make the hard decision needed to save super.
“John Key has painted himself into a corner and doesn’t realise that Kiwis are willing to make the big decisions. That shows he is out of touch with Kiwis’ views,” says David Parker.

Next in New Zealand politics

No politicians at Rātana in 2021 as celebrations made exclusive for church adherents
Ongoing Worker Dissatisfaction Shows Need For Fundamental Change
By: New Zealand Council of Trade Unions
The 16 Of Waikeria Have Surrendered
By: The Maori Party
Border Exception For Some Returning International Tertiary Students
By: New Zealand Government
Additional Actions To Keep COVID-19 Out Of NZ
By: New Zealand Government
Vaccine Only Part Of The Cure For Resumption Of Pacific Travel: World Bank Report
By: World Bank Group
Waikeria Prison Riot Must Be Investigated
By: New Zealand National Party
Prisoner Disorder Event At Waikeria Prison Over
By: New Zealand Government
Kelvin Davis Has Plenty Of Questions To Answer
By: New Zealand National Party
Māori Party Calls For Minister Of Corrections To Step In To Resolve Waikeria Situation Immediately
By: The Maori Party
ExportNZ Welcomes Back International Students
By: Export NZ
Pre-departure Covid-19 Tests Should Be Extended
By: New Zealand National Party
Government Must Act To Avoid Another Lockdown
By: ACT New Zealand
National Calls For Vaccine Rollout To Be Fast-tracked
By: New Zealand National Party
View as: DESKTOP | MOBILE © Scoop Media