Majority want end to retirement at 65
A recent survey has shown that over 60% of those in the UK wish to see the government abolish the statutory retirement age of 65. Ironically, the Conservative/Liberal Democrat coalition government had promised to phase out forced retirement but it looks as though David Cameron may have speed up this particular strategy. So why is there a move towards working into later life?
As the cost of living in the UK continues to rise, interest on savings remains relatively low and the taxation situation in the country looks set to get worse, many people are concerned about the future. It is claimed that £3.5 billion was wasted last year by pushing over 65s out of the employment market and replacing them with staff that often needed training and additional help. There's no doubt that a wealth of experience in the UK employment market is wasted each and every year but whether maintaining a higher level of older workers in the UK marketplace could affect the prospects of the youth of today is also another debate.
Whatever happens over the next couple of years there is no doubt that UK unemployment is set to rise in the short term although hopefully difficult decisions taken this week will allow the economy to re-base and consolidate for the future.
Share this..
Related stories
Pension age needs to rise in order to balance the books
A report by the Pensions Policy Institute think tank has concluded that the state pension age needs to increase to 72 years by 2030 in order for the UK government to "balance the books". If this particular recommendation was put in place then the cost of the state pension (to the government) would be the same as it was in 1981 and therefore take some pressure off the UK government budget. But is t...
Read MoreOccupational pension schemes have been a major success
Data released by the Office for National Statistics show that occupational pension schemes have significantly reduced poverty in the UK since the early 1990s. However, there were other interesting statistics issued by the Office today which include the fact that the top 20% of earners in the UK earn four times that of the bottom 20% of earners in the UK. This difference between the rich and the po...
Read MoreSavers still unable to access Pension Wise guidance
23/03/2015 Savers are still unable to access free, face to face guidance from the Pensions Wise service, experts have warned. With only a few weeks left before the new pension regulations come into place, many retirees have been unable to access the impartial advice sessions they offer. The phone line to book face to face sessions from Pensions Wise has not yet been opened, and many savers...
Read MoreHow are so many pension schemes in deficit?
While the British Telecom final salary pension scheme is currently attracting all of the headlines, there are many more major UK pension schemes in significant deficit. As we have covered on numerous occasions, the situation has arisen because of a number of factors which include:-
The assumption that the average pensioner will live longer than first thought
A redu...
Government to review annuities for the elderly
George Osborne has announced a number of proposals with regards to future pension arrangements in the private sector and the public sector. One which has caught the eye of many in the UK is the proposal that those aged over 75 should not be forced to buy annuities to secure their income in later life. So what does this mean for those in retirement? At the moment those in retirement can buy an a...
Read More