Old Zealand is an independent nation in the Fictional Ocean. By incredible co-incidence Old

Zealand happens to have the exact same population size and demographic balance as New

Zealand, which is an independent nation in the Pacific Ocean. Old Zealand is also expected

to have very similar changes in population size and demographics to New Zealand in future.

The Old Zealand Government is considering simplifying the old-age pension ("the pension")

from 1 January 2023 to be a flat $300 per week payment to all residents above the

"retirement age" (currently age 65). No minimum length of residency would apply, and the

benefit would be paid to all people living permanently in Old Zealand who reach retirement

age. Pension payments would be indexed each year by the general wage index of Old

Zealand.

In funding the cost of the pension, the government will introduce a levy ("the levy") of Y%

on all gross