Australia plans to push retirement age to 70, the highest in developed world
Published on May 2, 2014 5:06 PM
SYDNEY (AFP) - The Australian government said on Friday that it wants to lift the pension entitlement age to 70 - the highest in the developed world - by the year 2035 to help cope with an ageing population.
Treasurer Joe Hockey said the previous Labor government planned to raise the age from 65 to 67 in 2023 and the new administration of conservative Prime Minister Tony Abbott wanted to take it further by 2035.
"Increasing the pension entitlement age to 70, we are intending for that to occur in 21 years' time," said Mr Hockey, who is due to hand down his first national budget on May 13.
Australia has no statutory retirement age but men have been entitled to the pension at age 65 and women at 60 since it was introduced in 1908.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!