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UK told to prepare for workforce of 80-year-olds

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    UK told to prepare for workforce of 80-year-olds

    Taken from Professional Adviser:


    The UK should prepare for a workforce of 80-year-olds and impose faster pension age rises to avoid a quadrupling of the savings gap to £25tn, the World Economic Forum has said.

    The Geneva-based organisation predicted the current savings gap of US$8tn would quadruple to US$33tn (£25tn) by 2050 if urgent action was not taken to tackle the challenges of an ageing population, the FT reported.

    In its report the WEF identified the UK as one of several countries facing a "pensions time-bomb".

    "The anticipated increase in longevity and resulting ageing populations is the financial equivalent of climate change," head of financial and infrastructure systems Michael Drexler said.

    "We must address it now or accept that its adverse consequences will haunt future generations, putting an impossible strain on our children and grandchildren."

    According to the WEF, ageing populations, falling birth rates and gaps in access to pensions were the main sources of the widening "pension gap".

    This was defined as the shortfall in money needed for a retiree to keep their income at 70% of pre-retirement levels.

    The gap widens when income from state, personal and workplace pensions is inadequate to meet this replacement rate.

    The WEF recommended a retirement age of 70 should be the norm by 2050 in countries where future generations have life expectancies of more than 100, which includes the UK.

    "If increases in life expectancy were matched by corresponding increases in the retirement age, the challenge would be less acute," the report said.

    Drexler said policymakers had to immediately consider how to foster a functioning labour market for older workers.

    "Policymakers do need to be thinking now about how to integrate 75 and even 80 year olds in the workplace," he told the FT.

    Drexler said a manifesto proposal by Labour to scrap the pension age rise to 67 by 2028 was "probably not a good idea".

    The WEF also recommended the £1m Lifetime Allowance should be scrapped because it was sending the "wrong signal" that there was only so much you should contribute to your pension.

    #2
    Tell that to the average Greenock citizen who often don't see their 45th birthday.
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

    Comment


      #3
      And, as I said earlier on the student fees thread, get people into work sooner.
      bloggoth

      If everything isn't black and white, I say, 'Why the hell not?'
      John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)

      Comment


        #4
        Pension should only be claimable at an age where 40% of potential recipients are dead.

        Which is how it started.

        Comment


          #5
          Who is going to be providing jobs?

          Comment


            #6
            80% of Brexit voters probably.......taking up a job someone much younger should be doing, taking away opportunities from others
            Gonna be a lot of grump old people in the workplace. Some may not worry about the idea of working at that age right now but as they get older...
            I've nearly had enough and I'm nowhere near 50 yet!

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              #7
              Originally posted by scooterscot View Post
              Tell that to the average Greenock citizen who often don't see their 45th birthday.
              That'll teach them to get pissed the night before...
              His heart is in the right place - shame we can't say the same about his brain...

              Comment


                #8
                Originally posted by scooterscot View Post
                Tell that to the average Greenock citizen who often don't see their 45th birthday.
                so raising the pension age affects them how? At the end of the day the pension was supposed to be there for a minority of the population that reached an age where work was no longer possible it hasn't kept up with life expectancy so it needs to rise. What is more insidious is the tulipty ageist behaviour that exists in the work place

                Comment


                  #9
                  So its going to be a workforce of Zeitys.....

                  Comment


                    #10
                    Originally posted by BrilloPad View Post
                    So its going to be a workforce of Zeitys.....
                    cantankerous old barstewards who know what they are doing, blimey its been a long time since it was like that.
                    Always forgive your enemies; nothing annoys them so much.

                    Comment

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