New Zealand. Analysis: Is an increase to the retirement age really inevitable?
At what age do you hope to start getting the pension? Former ANZ chief economist Cameron Bagrie reignited the debate this week when he said it would not be able to remain at 65.
National committed to increasing the age by two years in 20 years’ time, but that was scuttled when they were pushed out of government in the most recent election. Bagrie said, with an ageing population, there would be fewer workers supporting more retirees. “It doesn’t look good. Something has to be done. Raising the retirement age at some stage, is, I think, inevitable.”
But is it?
Many agree with Bagrie. By international standards, New Zealand’s pension is seen as generous because it’s given to everyone. All you need to do is turn 65. Other countries are already pushing up their age of eligibility.
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