Changes to super
Media release
2 May 2010
National Seniors, the peak body representing older Australians, welcomes the thrust of the government response to the Henry review, especially measures tackling the challenges presented by an ageing population and increasing financial security. Unfortunately the government has missed an opportunity to end legislative age discrimination in the super system by limiting compulsory contributions to workers aged under 75.
Commenting on the government's response, National Seniors chief executive Michael O'Neill said the changes to superannuation will enhance the financial position of the country and individuals.
"National Seniors welcomes the increase in compulsory superannuation contributions from 9 per cent to 12 per cent. It is good news that workers up to 75 will now receive these contributions. We also welcome the increased government help for low-paid workers and the opportunities for older workers to top up their super.
"Older Australians are extremely disappointed that the government has only increased the age limit for compulsory superannuation contributions instead of scrapping it. It is a missed opportunity and continues government age discrimination in the super system.
"To benefit from the improvements in superannuation, people have to be working and making contributions. This presents a challenge for many older Australians who want to work but cannot find suitable jobs. The government has to do more to make it easier for older workers to stay in the workforce.
"The changes to the super system reinforce the important role of super funds and the need to improve how they operate. The outcomes from the Cooper Review into superannuation are now even more important.
"National Seniors looks forward to the government's response to Henry's other proposals, especially on providing more incentives for savers," said O'Neill.
With around 280,000 members, National Seniors is Australia's largest consumer organisation for the over-50s and fourth largest group of its kind in the world.
2 May 2010
Older Australians welcome changes to super but regret that government ageism continues
National Seniors, the peak body representing older Australians, welcomes the thrust of the government response to the Henry review, especially measures tackling the challenges presented by an ageing population and increasing financial security. Unfortunately the government has missed an opportunity to end legislative age discrimination in the super system by limiting compulsory contributions to workers aged under 75.
Commenting on the government's response, National Seniors chief executive Michael O'Neill said the changes to superannuation will enhance the financial position of the country and individuals.
"National Seniors welcomes the increase in compulsory superannuation contributions from 9 per cent to 12 per cent. It is good news that workers up to 75 will now receive these contributions. We also welcome the increased government help for low-paid workers and the opportunities for older workers to top up their super.
"Older Australians are extremely disappointed that the government has only increased the age limit for compulsory superannuation contributions instead of scrapping it. It is a missed opportunity and continues government age discrimination in the super system.
"To benefit from the improvements in superannuation, people have to be working and making contributions. This presents a challenge for many older Australians who want to work but cannot find suitable jobs. The government has to do more to make it easier for older workers to stay in the workforce.
"The changes to the super system reinforce the important role of super funds and the need to improve how they operate. The outcomes from the Cooper Review into superannuation are now even more important.
"National Seniors looks forward to the government's response to Henry's other proposals, especially on providing more incentives for savers," said O'Neill.
Media contact: 07 3233 9106
With around 280,000 members, National Seniors is Australia's largest consumer organisation for the over-50s and fourth largest group of its kind in the world.
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