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Thursday, August 5, 2010

Raising Age of Retirement to 66 Years

Posted by Prahallad Panda on 1:16 PM Comments

I think raising the pension age to 66 is a good idea. Actually the life expectancy at birth is going up. So, it is better to utilise the experienced persons than to make them idle at home.

I hope, India should learn from it.

Amplify’d from

Pension age of 66 within five years

The number of 70-year-olds in the workplace is set to increase following new rules.

Under the last Labour government, plans were in place to increase the state
pension age for women to 65 by 2020 and to 66 for both sexes by 2026. It was
then due to rise in stages, reaching 68 for men and women in 2046. However,
the new figures show that life expectancy is increasing so rapidly that a
child born today will live two and a half years longer than one born when
Labour drew up its plans in 2006.

For boys born in 2010, the average life expectancy is 89, while for girls it
is 90 – a rise of nearly two decades since 1940 when the state pension age
was first set.

They are keen to make the case that it is no longer viable for workers to
retire at 65 and enjoy decades without work. In Opposition, the
Conservatives said they would bring forward the introduction of a later
retirement age.

In Greece, where the economy came close to collapse before being bailed out by
the European Union and International Monetary Fund, the average retirement
age is being increased from 61 to 63 over the next five years.


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