Mr Walker rejects k super, estimate

Press, 15 November 1977, Page 2

Mr Walker rejects k super, estimate

|T Parliamentary reporter r Claims made over the! week-end by the Leader of the Opposition (Mr Rowling) ’ on the projected costs ofi national superannuation I were ‘ stupidity in the ex- i

itreme,” said the Minister of [Social Welfare (Mr Walker) [yesterday. ! Mr Rowling asserted in an [address to the Federation of | Launderers and Drycleaners in Nelson on Saturday that I the projected costs of the

national superannuation scheme, when in full effect were SISOOM. “Such an outrageous statement is obviously the result of too wet a winter on a burnt-out politician,” said Mr Walker. “In fact,

the true cost of national superannuation this year is a'dput SI7OM, which is being out of normal taxation without any in-|1

crease in rates of tax, and at the same time as the Government is giving substantial tax concessions to those in the lower-income bracket.

“This is SIM less than the additional tax that Labour’s discriminatory New Zealand superannuation scheme would have cost” Mr Walker said.

Th g ultimate additional cost of national superannuation was more likely to be about S2SOM a year after taking into account terminal tax recoveries, with little variation in real terms from 1978-79 until the end of the century, he said. “What we must decide is whether we are prepared to guarantee our senior citizens financial independence and dignity in their retirement, or are we going to return them to being paupers, as they were under Labour, going cap in hand and begging for crumbs. “Whereas Labour says those -who have worked and saved for their retirement must be penalised, National says, ‘Well done, you have made your contribution towards the good things that New Zealanders enjoy today, and you are entitled to your reward’,” Mr Walker said.