(qlmbusinessnews.com Tues, 6th Feb, 2024) London, UK —
“Experts Warn: UK Pension Age Must Rise to 71 Amidst Sustainability Concerns”
In a recent study assessing the impact of increasing life expectancy and declining birth rates on state pensions, experts suggest that the retirement age in the UK may need to be raised to 71 for middle-aged workers. This potential adjustment comes amidst concerns about the sustainability of the current system.
Currently set to rise from 66 to 67 between May 2026 and March 2028, and then to 68 by 2044, the research indicates that further increases are necessary. Those born after April 1970 may find themselves working until the age of 71 before becoming eligible for their state pension.
The study, led by Les Mayhew from the International Longevity Centre, highlights the impact of preventable ill health on workforce participation. Mayhew suggests that setting the pension age even higher may be necessary to account for this factor.
Jonathan Cribb from the Institute for Fiscal Studies acknowledges the need for a higher pension age but cautions against doing so without considering other cost-saving measures. He emphasizes the disproportionate impact on individuals with shorter life expectancies, particularly those in lower-income brackets.
While acknowledging the financial pressures posed by an ageing population, experts also stress the importance of addressing challenges in health and social care funding. The Intergenerational Foundation proposes a wealth tax to support retirement funding and reduce economic burdens on younger generations.
With concerns about the effectiveness of simply raising the pension age, there's a growing call for a more holistic approach to address health inequalities and support workers with health issues. The government assures its commitment to ensuring a sustainable and fair pension system for future generations, citing investments in employment support and healthcare services.
#PensionAge #Retirement #StatePension #EconomicPolicy #UKFinance #PublicHealth #EconomicSustainability #WorkforceDevelopment
This News Story is brought to you by QLM Business News, your Digital Media Channel
Visit QLM businessnews.com
For more business news stories also follow us on Facebook, X and Youtube.
To Help qlm business news bring you more new stories like this, please like, share and subscribe.
Unlock unparalleled business growth and effortlessly attract a stream of new customers through QLM Business News Sponsored Advertising. Elevate your brand's presence and captivate your target audience with precision. Visit QLMbusinessnews.com and click on “Advertise” to harness the power of strategic advertising. Don't miss this unparalleled opportunity to propel your business to new heights of success!
Disclaimer: All images presented herein are intended solely for illustrative purposes and may not accurately depict the true likeness of the subjects, objects, or individuals referenced in the accompanying news stories.
