Lowering Retirement Age

[Ric.ror]

Would that be an answer to the increase in unemployment that is being forecast because of C19?

[woofgang]

Ric.ror" No woofgang - no back payments - don't spoil it for the rest of us"

blow that for a game of tin soldiers. I wasn't furloughed, don't eat out, won't be getting a free TV licence when I hit 70 and won't be getting a new boiler out of the greenhome scheme...if there's backpaid pension to be had I am having some.

[fiction-factory]

>I think it should be lowered, creating work for the unemployed,

I'm not sure how that would make much difference in terms of creating employment. Suppose the age is reduced by a couple of years from 66 to 64. Would a 64 year old who currently chooses to work now choose to give up a salary of say £25000 or £40000 a year in return for a pension of roughly £8000 pa. I doubt many would.

[Old_Geezer]

Of course it would help. Should have been done ages ago, not raising it and coming up with ludicrous excuses to try to justify it. But the main reason isn't to do with a virus, it's to do with giving those who contributed all their life a break, and giving the opportunity to the younger generation to achieve.

[Old_Geezer]

It doesn't create employment. It reduces unemployment figures by being fair to all.

[tonyav]

https://scontent-lhr8-1.xx.fbcdn.net/v/t1.0-9/p843x403/118210363_2916132688623057_2193203432186580969_n.jpg?_nc_cat=102&_nc_sid=8bfeb9&_nc_ohc=UUS0BOsF-bYAX8gt9G9&_nc_ht=scontent-lhr8-1.xx&tp=6&oh=504d8f9790eb081bd71e77d5516fa350&oe=5F76998A

[Prudie]

I'm guessing you're suggesting this with the view that those in their 60s would retire and have their vacancies filled by the younger unemployed but in reality I don't believe it would have much effect, not least because businesses currently would just absorb the loss and divvy the retiree's workload amongst the rest (rather than recruiting a replacement). My company would call it 'optimisation'.

[fiction-factory]

But why would it make much difference, O_G. It would only achieve that aim if retirement was enforced. the days have gone when people stopped working when they get to 65th birthday. Some retire at 55, some 66, some carry on working in some capacity well into their 70s- look at Trump, Corbyn , Biden for example
The age at which i stop working will depend on when I no longer want to work and for when I feel my personal/work pensions will be more than enough to live on. The state pension on its own will be nowhere near enough to persuade people to give up work voluntarily.

And prudie's point also applies. When someone retires earlier than planned the company will often see it as chance to reduce payroll costs or avoid redundancy payments. The government will also take in less tax and NI.

[ynnafymmi]

Are you joking Ric?I work with a few British ladies in a factory in Aberdeen,the average age of us is about 63.The Brit males are all in their fifties.There is two or three Brit youngsters,all the rest of the under 60s are either Polish,Latvian or Lithuanians.Meanwhile i see jobless Aberdeen teens wandering up and down Union Street and not giving a damn.They get dole money,so working doesnt seem an option for them.

[Old_Geezer]

It makes a difference for the reasons I stated. In addition pensioners aren't counted on the unemployed total. One need not enforce retirement, although not a bad possibility for non-self-employed; but there are plenty who want to give up but presently can't anyway. Companies are quite capable of reducing workforce, they need no help there.

[fiction-factory]

Well I don't know many that would give up a reasonably well paid job just to get their hands on £150 a week pension. Most would just happily pocket the extra money (the pension) and would carry on working until they felt the time was right to stop

[jno]

the trouble with retiring older workers and hiring younger ones (as well as the latter being less skilled) is that older people tend to be on higher wages and pay higher taxes. Reduce that and you'll have a funding shortfall.

[youngmafbog]

I dont think it would work. Firstly just because you lower the age does not mean you have to retire - take the case of the Lady recently who took the NHS to Court and won.

I suspect most people have now budgeted to retire at their allotted age, lowering it would mean they would not have sufficient funds so they would work on anyway. Some may retire earlier but then how much in benefits would you have to pay out?

The other problem is for the Company. Loosing a large chunk of your experience could be catastrophic to some, I really dont think now is the time to be doing that to Companies.