Both the Lower and Upper House members have approved amendments to the National Insurance Act that will see changes and penalties for those who violated the mandatory provisions of the Act when it comes to payment of contributions, increasing the age for retirement and changing the definition of a child.
Members of the Lower House or House of Representatives gave their approval on 20 June 2023, while members of the Upper House or Senate gave their approval on 26 July 2023.
The age of retirement will increase to 65. The process will commence in 2024. The first set of people to retire at age 65 will be workers who turn 65 in 2028.