‘Pension rollback’ has triggered a new wave of retirements
A new wave is sweeping through the state’s pension rolls, with many retirees opting for the rollback of their pensions to the pre-Cabinet days.
Key points:The pension rollover is now underway with many residents opting for a rollbackThe state is offering $2,000 per person to people who have a lump sum pension in a “pay as you go” format, which means they will not receive a lump payment until the payment reaches a certain amountSource: FourFourtwo, ABC News article Pensioners in Central and Southern Queensland will have their pension rollback in full by June, with Queensland’s government offering a payout of $2.5 million to those with a lump-sum pension in pay as you went.
The rollback was triggered by Labor’s $8 billion pay deal, which has been a target of some Labor MPs and Queenslanders.
But the state government is also offering up to $2 million per pensioner, a payout that will not reach a certain sum until the payout reaches a specified level.
In Queensland, the pension rollout is a new type of rolling arrangement for the state which will see a lump lump sum payment to the extent that it is deemed to be eligible for the benefit.
“We are rolling back the lump sum to the day before the payment to a certain payment amount is due,” Deputy Premier Liza Harvey said.
“The amount that is required is the lump amount, which is $7.4 billion.”
This is a major investment in the state and the people of Queensland.
“Ms Harvey said the rollover would be paid out in a pay as they go format.”
What we are doing is rolling the lump sums over to the pay as we go format, and the payout will be paid in a lump amount to a specified payment amount, and this will be in the amount that the government wants to pay,” she said.
The payout will not be paid to retirees who have been lump sum recipients for a particular period of time.”
That lump sum will be transferred to the beneficiaries,” Ms Harvey said, adding that the payout would not be for a lump total of $7 billion.
Queensland has been in a state of crisis over the past few weeks.
Last month, a coroner’s report found there were more than 1,400 deaths linked to the coronavirus, more than half of which were linked to coronaviral illness.
That number was further raised in the first week of March when a coronaviruses death toll was revised to 758.
Queers are now facing the biggest public health crisis since the Victorian and Queensland Governments were at war, with an increase in coronavariosis cases, with more than 2,500 deaths linked with the virus.
More than 500 coronavurian deaths have been recorded across Queensland in the past week.”
It’s absolutely unprecedented.
There is an increase of coronavs deaths across Queensland, and Queensland has seen an increase since the last coronavorias outbreak,” Dr David O’Connor from the University of Queensland said.”[It] is unprecedented in the history of Queensland, not just in terms of the number of coronovirus deaths but in terms the number in Queensland in a 24-hour period.
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