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Made in India Magazine | February 25, 2021

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Reconceptualised Pension Plans

Reconceptualised Pension Plans
Priyam Chatterjee

Few weeks back, a bill was passed in favor of the veterans regarding military pensions by the Federal Parliament of Australia, making the plans much more generous. According to the bill, the retirement income will soon be associated with average weekly earnings (which was earlier intertwined with inflation).

The bill, which was aimed to get more money in the name of pension after years of striving by the veterans, was passed by the coalition on the eve of Anzac day.

But the Treasurer Joe Hockey came up with contradictory plans. He rushed into meandering politics, regarding pension rates, thereby becoming the harbinger of the awful news. On Sunday, as he appeared for an interview on ABC’s Insiders show, he made his arguments and brought into limelight the fact that the current population is ageing and various countries are lifting their present pension ages. Moreover, according to the government, the re-conceptualization would cost nearly $162 million. In the wake of all this, the present generation will have to work more to ease out the pressure.

Thereby, prioritization as per vulnerability in the pension system was the need of hour.


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