As new regulations set to take effect in January 2017 result in reduced Australian pensions, I wonder: are we not deserving of a pension?
Following the conclusion of World War II, a significant number of troops returned home, marking a period of growth as the population began to swell. Individuals, moving away from a Europe plagued by poverty and rationing, sought a fresh start in our beautiful nation.
Politicians made promises of a secure life for the populace, offering government guarantees that provided protection from the cradle to the grave—ensuring secure employment, safety, free healthcare, and a pension.
However, times evolve, and capitalism brings about cutbacks and the need for savings.
There were jobs available for everyone, leading to tax contributions without any dependency on benefits.
Change is on the horizon—next year, you’ll be required to complete a form detailing the savings and investments you’ve accumulated over the years for retirement.
Even your Super Annuation and bank savings will be taken into account before a decision is reached regarding the extent of your pension reduction.
For expatriates, the UK pension will be diminished based on how much your Australian pension entitlement is curtailed. Despite Brexit, the UK still refuses to increase the pensions for ex-pats.
Now, at home, the rules are altered, and pensions are slashed.
Politicians receive hefty salaries along with even more substantial pensions.
While they may not feel the financial burden, it is clear that the elderly are left feeling dissatisfied.
When the next election comes around, be assured that the response will be loud and clear.
by TOG
