While, other Government pensions have been increased to reflect the rising cost of living; superannuation payments received by our veterans and some public servants remain tied to an outdated formula which leaves them receiving less.
For example, the Age Pension is now tied to average wages and has been increased by over 150% to reflect the real cost of living. However, other Commonwealth superannuation pensions like those received by our service men and women have increased by half that amount.
Those who have served our nation and were promised a secure retirement in return, should not be left to watch their benefits whittled away on a technicality. Other pensions are now indexed to wages growth and its only fair to do the same for veterans and others who have served our nation.
Over the last 23 years, the Superannuated Commonwealth Officer's Association's figures show that veterans and public servants have had their super payments increase at only half the rate they should have.
Over two decades that could amount to a loss of over $100,000 for each affected person.
We should be doing the right thing by those who've served our nation.
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Properly index the superannuation of our veterans.