Happy 100th for Age Pension
July 2009 marks the 100th anniverisary of the first payments of Australian Age Pension. It followed the implementation of the Old Age and Invalid Pension Act 1908 which saw the Commonwealth take over responsibility for state pensions which started in 1900 for NSW and Victoria. Pensions started at $1 per week which was then equivalent to 21.6% of average wages. They were paid from age 60 for woemn and 65 for men. The term "old age pension" was replaced by "age pension" in the 1950's perhaps in recognition of longevity improvement. You can read more about the history of the age pesnion in our Factsheet. See http://www.findem.com.au/factsheets/agepensionsfactsheet.pdf
Posted Friday, 24 July 2009
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