This should also apply to all ex parliament Members.Their pension should not start until they reach the age of 70.
Why should we be paying them a pension for life, when no other job gives this. just like their pay increases.
They should be inline with the rest of the country.
If police and teachers etc get 2.2%, then so should they.
This will get the country back on track quicker than taking money from those who are barely scraping by now.
How many people actually make it to 70 years old now, let alone are able to get a job, or work!
GENERATION X Australians should be prepared to work until age 70.
In a strong indication that the nation’s workers face an increased retirement age, Treasurer Joe Hockey, 48, admits his contemporaries will likely have to keep working until they reach their eighth decade.
“It may be the case that my generation has to work for an extra three years,” Mr Hockey told ABC TV on Sunday.
The previous Labor government raised the retirement age from 65 to 67 from 2023, but the treasurer said other countries, including the United Kingdom, are already eyeing later retirement.
“It will affect my generation. This doesn’t happen overnight.”
As life expectancy continues to grow so too must time at work to provide financial security in retirement while not draining the country’s coffers, Mr Hockey said.
He again called for a sensible discussion about funding the future quality of life for Australians as the government looks at a redesign of systems.
Opposition finance spokesman Tony Burke said blue-collar workers would be hit hardest if they are forced to work for longer.
A shift in the retirement age would be a “very big deal” for pensioners required to do physical labour for longer while sitting on small super savings.
Mr Burke told Sky News on Sunday the Abbott government faced harsh judgment if it raised the pension age, breaching a pre-election promise.
However, asked to provide the opposition’s solution to the problem, Mr Burke said it was not for Labor to provide an alternative as it awaited the government’s first budget.