Posted October 08, 2019 12:31:42 As many as one million pensioners in New South Wales could lose out under the Government’s planned overhaul of the state pension, according to a report.
Key points:The New South Welsh Government has said it will update the State’s pension system, which is estimated to cost $2.3 billionA review of State’s website will determine if there are any issues with the planThe plan is set to be unveiled this weekThe review will include the Government providing more information to the public on how it will implement the plan, which will cost up to $2 billion.
The report by PricewaterhouseCoopers, the private actuarial firm, said the cost of updating the State pension system could be up to 30 per cent higher than the previous system.
The Government said the new plan would make “fundamental changes” to the state’s pension plans.
It said it would update the website to include “information on the impact of the reform”.
The Government’s plan includes the introduction of a “living wage”, which will see employers pay a living wage of $20 an hour for all workers.
Under the plan the Government would be required to provide the same minimum wage to employees as to self-employed people.
The State Government has already announced it would introduce a “minimum wage floor” for all employers to encourage people to stay on the job.
The plan will also see the State pay a “burden share” to households.
It will also make changes to the way workers are paid, with the Government proposing that the Government should pay out a “tax benefit” to workers, and that the amount of the tax benefit would be determined by the amount they earned.
The proposal is not expected to be implemented immediately.
“While the Government will not have an immediate impact on the amount paid out to households, the changes will impact the way the Government allocates the tax benefits and will affect the way many people’s incomes are determined,” the report said.
“While it is possible to predict the impact on household incomes, this is not always possible due to changes in the financial market and in the economic circumstances of individual households.”
The Government will also introduce a tax credit for low-income workers, which could see them get an extra $2,000 in their State pension.
Under a proposal from the Government, the Government plans to introduce a pension benefit for a “single employer”, and will be required “to make sure that a single employer is paid the same benefit as an employee”.
“This will require the Government to make changes in its business tax arrangements, including to ensure that all employees and businesses are subject to the same pension benefits,” the Government said in a statement.
“The Government has not yet determined how it would make this adjustment.”
The report also revealed that the State Government is considering setting up a special pension fund for workers aged 55 and over.
The new plan is expected to cost between $2 and $4 billion.