Pensions and the New Zealand economy: A post-Pensioners future
A postcard from the future, in which the future looks like New Zealand, and there is little hope for a future without a pension.
It is a picture of a future where the state is funding people’s retirement accounts, rather than paying them.
The result is a situation where New Zealanders with pensions can expect a much lower income than those with no pension at all, according to new research from the Australian Institute of Technology.
The study, by the Australian Centre for Policy Alternatives (ACPA), has found that New Zealand has the world’s highest proportion of pensioners with no pensions at all.
The report found that there were about 5.7 million pensioners in New Zealand with no social security or pension benefit at the end of last year, more than any other country.
But it is the number of people in this group who are in need of a pension, which is the focus of the new report.
The number of pensioner without social security benefit at retirement was 4.4 million, and the number with a pension was 3.6 million, the report found.
The average New Zealander in their 70s has been paying into their pensions for seven years or more, the highest number in the world.
The gap between pensioners and the rest of the population is even larger in some parts of the country, including Auckland, the capital of New Zealand’s largest city, which has a population of almost 9 million.
A spokesperson for the New South Wales Government said the figures from ACPA did not take account of pension contributions, and did not account for those who have no pension.
“The Government recognises that there are people with no benefits but we are committed to ensuring that we pay the pensions they are entitled to, and we will work to make sure that we provide the services that are needed to ensure people have the support they need to retire well,” he said.
The Government said it was investing $400 million a year to improve the way New Zealand provides social security and pensions for people.
This includes increasing the amount that people are paid, by increasing the minimum benefit from $25,000 to $80,000, and making the minimum payment for those earning between $65,000 and $130,000 a year.
The New Zealand Labour Party has said the Government should provide more money to those in need, while the Greens have called for more government spending to ensure a more equitable and sustainable retirement.