Genuine debate on Super affordability needed now

Political leaders must confront the looming crisis of the future affordability of Superannuation now rather than risking having to make harsh cuts to entitlements down the track, says Labour Leader David Shearer.

“It’s not good enough for John Key to say that he’s worried about governing for today and somehow the future will look after itself. As Prime Minister, he has a responsibility to look after future generations too.

“It’s time we had a genuine, open and honest discussion about how we can continue to afford to provide New Zealanders with financial support when they retire.

“At the moment there are 5.6 workers for every retired person but in less than 30 years that will be reduced to 2.5. This is a problem that is growing and we must address it now.

“It’s about being fair. We must be fair to young New Zealanders by making sure there will be a pension scheme in place for them when they retire.

“We must also be fair by giving all Kiwis time to discuss, accept and prepare for any changes that need to be made to the current system.

“Labour is prepared to be flexible and come together with other political parties to work towards a solution. We are interested in genuine cross-party talks and a nationwide discussion with New Zealanders. We must do what is in the best interests of the country,” said David Shearer.