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'Lack Of Vision' In Pension Reforms

The Australian

Australia

July 19, 2004

The Federal Government has run out of ideas on how to tackle the crisis of an ageing population, according to Labor.

Opposition employment services spokesman Anthony Albanese said government plans to reform the Pension Bonus Scheme confirmed it misunderstood the crisis.
Families Minister Kay Patterson has flagged changes to the scheme, which provides people who reach pension age, but continue working for at least a year, a tax-free lump-sum payment when they start to claim the pension.

"While Labor supports the Pension Bonus Scheme and increasing public awareness of its benefits, the proposed reforms will only assist those fortunate enough to be employed when they reach the pension age," Mr Albanese said.

The Australian Bureau of Statistics reports 1.6 million Australians aged 45 to 64 years are either unemployed or not in the labour force.

Mr Albanese said recent research showed that many older Australians were forced out of the workforce prematurely, with a third of retirees citing job losses as the main reason for ceasing their last full-time job.

"By the time this government gets around to taking action, today's young unemployed will be entitled to mature age employment assistance," he said.

Labor has promised $212 million to set up mature age career centres, provide one-on-one career support and get the long-term jobless into work.