Paul Keating wants a ‘longevity levy’ to be paid by all workers to cover aged care

The architect of superannuation in Australia, Paul Keating, has come out stating that 30 years of super contribution will not cover living into our 80s and 90s. On the ABCs Lateline he advocated a Commonwealth insurance scheme for people ageing, which guarantees a lump sum of 75% of your levy/contribution when you retire and 25% as income support, aged care and aged accommodation when you turned 80. He wants a longevity levy equating to 2 or 3% of wages.