Tories raise retirement age for men and women to 66
October 6, 2009
George Osborne, the U.K.’s shadow chancellor is due to outline new plans today that will see the retirement age of men and women go up if the Tories win the next general election. The Conservatives are blaming Gordon Brown and his profligate spending for announcing the move that could potentially raise 13 billion each year. The Tories claim that they would use the money to plug the U.K.’s deficit hole.
People would now have to work for longer as of 2016. The age for eligibility for a state pension would become 66 for both men and women. This would mean that women of 58 years of age now would not be looking forward to retiring at the age of 61 any more but will now have to work for an extra five years.
The Conservative plans are part of a two pronged approach at curing the countries debt problems and making sure that the countries jobs are safe. The pension pledge for 2016 will be unpopular with voters but would raise a great deal of money to fight the deficit.
Under Labour the 2016 changes in retirement age will be a rise in the age of women’s retirement to 63 so that it will be in line with men.
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