Keating buys into pension debate
The former Prime Minister and Treasurer, Paul Keating, has restated his views on modifying the superannuation guarantee regime to have people make provision for life after 80.
Keating made the call two years ago when addressing a superannuation forum in Sydney and overnight used an appearance on the ABC's Lateline program to canvass what he described as a longevity levy.
"We can't try and pretend that like a piece of Indian rubber, we can stretch the (super) accumulation from 65 to 95," he said. "There's not enough of it now and it can't go for 30 years."
Keating said it was in these circumstances that a levy of 2 or 3 per cent could be pooled to help pay the pension, accommodation and healthcare costs of people aged between 80 and 100.
He told the ABC program that a precursor to instituting such a regime was ensuring the superannuation guarantee rose from its current level of 9.25 per cent to 12 per cent — something which has been delayed by the Abbott Government.
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