The Government is funding an initiative to make money for people in urgent need through the Commonwealth’s pension system.
The new initiative aims to make the Commonwealth Pension Fund more sustainable, while helping the people in the most need get access to their pension income, the ABC understands.
“The Government has put in place a number of measures to ensure the Commonwealth pension system remains competitive and affordable, but in some circumstances the current state of affairs may not be the best fit for a particular population,” Minister for Public Sector Transformation, Michael McCormack said in a statement.
“That’s why we’ve partnered with the Government to ensure that the current arrangements are sustainable and in line with the needs of current and future Australians.”
The scheme aims to help people aged between 65 and 75 and older to receive a pension and provide a pension contribution to their employer, as well as make it easier for them to receive their pension when they retire.
The Government is also providing $30 million to help fund the implementation of a new scheme for people aged 65 and over, the Northern Territory Pension Scheme.
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