Labour and ACT are calling for a government response to a report which says tax rates will have to be increased by a third unless the pension age is increased from 65. The Financial Services Council (FSC) says the current scheme isn't going to be sustainable unless the age of eligibility is raised or the pension rate is cut. It calculates the cost of national superannuation will double to 12 per cent of gross domestic product by the end of the century and current tax rates would have to increase by 28 per cent to pay for it.
Photo by SNPA Jun 11, 2012
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