Raising the retirement age won't work

7 December, 2010

Retirement Commissioner Diana Crossan's proposal today to raise the retirement age from 65 to 67 is unfair and won't work, says New Zealand's largest private sector union, the EPMU.

"In a low wage economy such as New Zealand shifting more of the burden of superannuation funding onto working people doesn't make sense," says EPMU national secretary Andrew Little.

"New Zealand suffers from low wages and consequently has a low level of saving."

"The current universal superannuation system reflects a balanced approach to ensuring New Zealanders' dignity in their retirement."

The EPMU represents around 45,000 working New Zealanders across eleven industry sectors.