zurich swiss voters reject raise women retirement age 65 referendum sunday shore wealthy nation pension system wave baby boomers stop work authorities push first serious reform pension system two decades warn old-age benefit increasingly risk life expectancy rise interest rat remain exceptionally low cut investment yield fell margin 53-47 percent send government back draw board thorny social issue package turn swiss system direct democracy include make retirement age 62 70 flexible raise standard value-added tax vat rate 2021 help finance stretch pension system seek secure level pension 2030 cut cost raise additional revenue minimum pay-out rat would gradually fall workers contributions would rise public pension new recipients would go 70 swiss francs 72.25 month retirement age women would gradually rise year 65 men life complain one 49-year-old kiosk cashier identify angie go straight work graveyard critics complain high retirement age women high vat rat unfair others oppose expand public benefit say reform postpone decade rather solve system financial woes opinion poll show reform squeak support wan standard vat rate would go 0.3 point 2021 8.3 percent help generate 2.1 billion francs year pension 2030 rejection mean standard vat rate fall 7.7 percent next year levy earmark disability insurance end 2014 oecd survey find switzerland worker earn 91,000 average spend relatively low 6.6 percent economic output public pension life expectancy birth 82.5 years 18 percent population old 65. swiss voters reject raise women 's retirement age