The legal retirement age for men and women is currently 66, and between 2026 and 2028 they will both rise to 67. That could go back 68 years – as early as 2037 – based on the latest data on life expectancy, the costs of an aging population and public pension and labor market trends. But Silver Voices, the UK-wide campaign organization for older people, is calling for the next hike to be pushed back for 10 years or scrapped altogether.
They say growth in life expectancy has stalled and warn of a “protracted” crisis in the cost of living because of the war in Ukraine.
The campaign group also points out that the Covid-19 crisis has prompted some employers to dispense with older workers and rehire younger staff.
Dennis Reed, director of Silver Voices, warned that until tougher age discrimination measures are introduced into the employment sector, there is a real danger that older workers “continue to be rejected in their late 50s and early 60s”.
He said: ‘With the cost of living crisis likely to deepen and lengthen as a result of war in Europe, older people need the threats of a rise in the retirement age like a kick in the teeth.
Millions of people in their late 50s and early 60s are already finding themselves unable to work, either because of poor health or because of age discrimination on the part of employers, and have to wait until their state pension on the benefits and savings they have.
“An accelerated increase in SPA would bring state pension policy back to the days when old people were considered lucky to receive the state pension for a few years before they died.”
The increase in the retirement age to 68 is currently scheduled for between 2044 and 2046, which would affect people born in April 1977 or later.
But a previous government review already recommended that this be brought forward to 2037-2039.
The Department for Work and Pensions will look into the matter again in a review by spring 2023.
This will take into account the differences between countries and regions in the UK, and the potential impact on disadvantaged people of waiting longer for a state pension.
There are well-known disparities in life expectancy due to affluence, with people living in affluent areas more likely to stay healthy later in life, as well as live longer.
A faster-than-expected increase in the statutory retirement age could spark an outcry as people are forced to continue working and miss out on years of extra retirement income, which they have earned by paying contributions to the national insurance.
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Source: www.express.co.uk
This notice was published: 2022-03-13 22:00:00
