Seniors
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he Productivity Commission has found that increasing the retirement age from 65 to 70 is a possible policy action to address the demands of an ageing population, but seniors aren’t sold on the idea. An Ageing Australia: Preparing for the Future, has found that Australia is facing a major productivity slowdown at the same time that ageing will start to make major demands on the budgets of all Australian governments. The population aged 75 years or more is projected to rise by four million from 2012 to 2060 and in 2012, there was roughly one centenarian for every 100 babies; by 2060, it is estimated that there will be 25 such centenarians. Peter Harris, Chairman of the Commission, said the best time to develop policies that address the
inescapable implications of ageing is while the issue is in its infancy. “It is a good time to start a debate and to float creative policy options,” he said. The report says the design of the age pension and the broader retirement system discourages an active economic role by older people, notwithstanding their far longer life expectancy. “It might appear that a person born in 2012 could expect to live for 19 more years after they reach 65 years old. In fact, it is projected that they will live for around 29 years after that age. Th is raises issues about optimal retirement ages, provision for publicly funded pensions and rules about access to superannuation savings,” claims the report. But National Seniors, the consumer lobby for older Australians, has hit back at Productivity
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Commission suggestions that the pension age be raised to 70. National Seniors Chief Executive, Michael O’Neill warned against raising the age pension age without fi rst tackling the issue of unemployment. “It is naive to suggest that simply raising the pension age will boost productivity,” he said. “Currently, older Australians want to work but no one will hire them. Raising the pension age without providing jobs will see older Australians merely shifted from one form of welfare to another.” Penrith local, Sang Cheung, said that ultimately retirement needs to be a personal decision. “The welfare of the person working needs to be considered. There are pros and cons to raising the retirement age, but it all comes down to whether the person is still physically able.”