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Salient. Victoria University Student Newspaper. Vol. 37 No. 3. March 20, 1974

Labour's Failed Principles

Labour's Failed Principles

The first Labour Government aimed at a living rate of superannuation for all, irrespective of money earned during a worker's lifetime. The current Labour Government is proposing to set up an account in the name of each worker which will comprise the money that has been deducted from his wages and paid by his boss over his working life. Too bad if you have been sick all your life, or have been a housewife for much of it. The money won't be in your account, and your pension will be small Only the money paid to your account will matter, plus iterest earned over the years.

All the costs of running the scheme will be deducted from the accounts. The taxpayer will pay virtually nothing from general taxation. When you reach 65 your lot will be the amount in your name plus the present universal benefit which will be paid to all. The well paid, long working person will do best. The lesser paid, the sick person, the housewife will get the scrag end of the joint. This is Labour in the 1970s.