MEDIA RELEASE

28 January 2000

GREY POWER APPLAUDS

A GIANT STEP AWAY FROM POVERTY FOR THOUSANDS OF RETIRED KIWI’S.

The first of April can not come to soon for retired New Zealanders.

The long awaited restoration of New Zealand Superannuation to a living wage has signalled yet again that this coalition government means what it says and gets on with the job.

It is a long time since 1991 and a massive achievement for our seventy four associations all around the country. The long struggle to restore a living wage to retired New Zealanders has taken a giant step forward.

The effect will be felt by the whole nation as the increase in spending power and carries through to increased employment.

Superannuants are already down to 62.66% of the net average wage and due to be forced down even futher by the previous government.

The move on the first of April will restore the link to 67 percent of the net average wage. Economic circumstances mean that by maintaining the link to the CPI until the rate for a married couple reduces to 65% of the net average wage the country will be able to sustain the payments under the new governments proposed legislation.

Grey Power urges all Political Parties to get behind the proposed legislation. Sort the Future of New Zealand superannuation out in the select committees . Then for all our sakes keep their hands off it for ever.

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