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Over 65s to double by 2040 – changes needed

David PARKER

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.

ENDS

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