UK government set to abolish compulsory retirement
At a time when the UK pension system is literally creaking and on the verge of collapse, Harriet Harman today stepped forward with a suggestion that compulsory retirement should be abolished in the future. There is a growing feeling that many people over 65 years of age are literally being forced onto the scrapheap despite the fact they have significant knowledge and experience in many areas of business. So why has the government chosen today to launch this campaign?
Whether this particular campaign is the result of the worsening pension crisis in the UK or in fact a way to allow the older generation to continue working is open to debate. In reality it is probably a mixture of the two, empowering those over 65 years of age to continue working and improving their own standard of living. Despite the fact that the vast majority of us have lived a life where retirement automatically kicks in at 65 years of age, why are we so intent on throwing experienced and very knowledgeable staff onto the scrapheap?
It is also worth noting that those who work beyond the traditional retirement age will continue to contribute to the UK income tax system hence raising more money for the UK government and reducing the pressure on the benefit system. Is this a win-win situation?
Share this..
Related stories
VAT rise to reduce income for 180,000 UK firms
Despite assurances that no business in the UK would suffer when the government announced the reduction in VAT from 17.5% to 15%, it appears a number of businesses who are part of the flat rate scheme would see their income reduced. In simple terms larger companies add 17.5% to the cost of their goods and then reclaim this from the government through the business expenditure option. However this is...
Read MoreGerman government bond yields fall
The yield on influential thirty-year German government bonds showed a marked fall this week amid concerns that European base rates will remain relatively low for some time to come. The European Central Bank has confirmed that the economic outlook both within Europe and around the world has turned downwards over the last few weeks with the US economy in particular showing signs of "cooling off"....
Read MoreCan the Conservative party afford to reorganise the benefit system?
There is no doubt that the UK benefit system is one of the most lucrative in the world but there is also no doubt that the system has been somewhat out of control for the last few years. However, Iain Duncan Smith has now been put in charge of reorganising the UK benefit system but many are concerned whether the Conservative Party has the bottle and whether it can actually afford to push through t...
Read MoreIs Tony Hayward in talks about an exit from BP?
The financial press is rife with rumours that BP has a board meeting organised for Monday during which the subject of chief executive Tony Hayward's position at the group will be discussed in great detail. There has been speculation for some time that Tony Hayward will be the fall guy with regards to the ongoing Gulf of Mexico crisis and indeed calls from the US authorities for somebody to be "bla...
Read MoreBarclays Capital sparks fears of Irish collapse
A report by Barclays Capital have created further turmoil in the money markets with a suggestion that the Irish economy is on the verge of collapse and the government may well need an injection of billions of pounds from the international community. There are also reports that the European Central Bank has been forced to buy Irish government bonds amid concerns that the budget deficit is running o...
Read More