by State pension age to be raised to 70 for today's young workers
Young people currently entering the workforce will have to wait until they are 70 before they can retire under plans to save £500bn over the next 50 years, George Osborne will signal on Thursday.
The chancellor will also use his autumn statement to demand £1bn in additional spending cuts in the hope that voters will focus on Britain's "responsible recovery" – the healthy economic growth prospects for next year, slowly restoring public finances and measures to cut youth unemployment.
In potentially one of the most far-reaching reforms since the introduction of the state pension in 1908, Osborne will say the pension age for men and women will rise to 70 by the 2060s under a new formula linked to average life expectancy. This means that people born in the 1990s, who are now entering the workforce, will have to work until at least the Biblical life expectancy of three score and ten.
Osborne's statement to the Commons on Thursday will attempt to show that the government is making long-term plans as the economy recovers. David Cameron highlighted this approach when he told the BBC in Chengdu, on the final day of his trip to China: "We have been working to a long-term plan and what you are going to see in this autumn statement is the next steps in that long-term plan, a long-term plan to turn the country around, to get us out of our difficulties with debt and deficit and to secure jobs and recovery for all our people – a recovery for all."
What bollocks! Everybody is living longer, so let's milk the elderly.
Fuck everybody's joy of retirement just to save £10bn a year. I'm sure that could be 'saved' by scrapping corporate tax loopholes and the ability to divert corporate UK based earnings to tax havens or convenient headquarters in another country.
There are other implications:
This will increase the number of 'elderly' 'retrained' for non-manual menial work trying to find jobs that do not exist. If they do find such work then this will impact on school leavers and new graduates who would use these jobs as a 'kick-starter' for work experience.
It will also prolong commuting for another five years thus affecting pollution levels for longer.
If a person is sacked because they are too old for the job (mental and physical faculties waning), they will be able to claim benefit. Has this been set-off against the pension 'savings' in Osborne's calculations?
