Working adults in Australia have expressed their frustration and dismay with the proposal to increase the pension age in the country up to 70 years old by the year 2050. This drastic proposed change is in response to a research study conducted by Macquarie University’s Business School, which found that low birth rates and an ageing population are the main factors at play that the age needs to be increased.
The results of the Macquarie University modelling show that in order to sustain the pension long term, its age limit needs to go up two years every decade. This gradual increase would mean that the current pension age of 67 would be preceded by an increase to 68 in 2023, and then 69 in 2032. The age would increase all the way up to 70 by the year 2050.
For senior Australians born between July 1, 1952 and December 31, 1953, they are eligible for the age pension at 65 years and six months. Those born after December 31, 1953 but before June 30, 1955 can receive senior welfare benefits once they turn 66 years old. For those born between July 1, 1955 and December 31, 1956, the age for eligibility is 66 years and six months.
