retirement age should be raised to 67

What a load of Bull Crap by these ASSH*LES!!!!!
If this goes ahead I'm leaving.....
S.America sounds good.... Nice time zone for trading US markets and Oz market....
Tex.

October 10, 2007 12:00am

RAISING the retirement age to 67 will save the Federal Government $800 million a year, a national economic think-tank says.

The report by the Committee for Economic Development of Australia (CEDA) recommended the pension age be raised to 67 by 2015, saying it could be done because people were living longer.

CEDA's chief executive David Byers said the Government needed to encourage more people to stay in the workforce to maintain economic growth.

"We want to encourage increased labour force participation rates at those older ages so that we can maintain economic growth by boosting labour force participation," Mr Byers said on ABC radio.

The report estimates that lifting the age would save around $800 million per year.

"It would save the Federal Government around about $800 million per year in pension payments," Mr Byers said.

It would also give workers better superannuation when they did reach retirement, Mr Byers said.

The report said lifting the age could be justified because people were living longer.

When the pension was introduced in 1909, four per cent of Australians were 65 or over, and by 2001 this had increased to 15 per cent, the report said.

Mr Byers said other countries had already linked pension age to life expectancy.

"It is not a radical proposal when you compare to other countries around the world," he said.

"The United States, The United Kingdom, Germany and Denmark are already moving their pension age to 67 or 68.

"Norway already has a pension age of 67, and as Australians live longer and healthier lives, the way they work and prepare for retirement is going to change."

The report recommended a safety net for people who were 65 and could not work because of ill-health.


http://www.news.com.au/business/story/0,23636,22561732-462,00.html