Saturday, June 3, 2023

The United Kingdom is taking until 2026 a decision to raise the retirement age to 68 years

London, March 30 (EUROPE PRESS) – The British government has decided to postpone the decision on the development of the retirement age to 68 years for two years because of the uncertainty about the current data on life expectancy, the UK labor market and public finances. The Department for Work and Pensions announced.

On the one hand, the policy confirmed the retirement age of access to the public pension to gradually increase to 67 years at the end of 2028, compared to the current 66 years.

“After careful consideration of expert evidence, in two independent reports, the Secretary of State for Work and Pensions has concluded that the planned increase in the retirement age from 66 to 67 for those born after April 1960 remains reasonable.” The flag announced.

It is also expected that in the longer term the retirement age will increase to 68 years between 2044 and 2046, although a government report in 2017 proposed this increase from 2037 and progressing gradually until 2039.

However, this Thursday the UK government, which has been given the right to review the retirement age every six years, decided to “hold a further review within two years to reconsider the increase to the age of 68” when it can catch up. taking into account evidence not yet prepared for the long-term impact of recent challenges, including the covid pandemic and global inflationary pressures.

However, the UK government has expressed its commitment to the principle of giving ten years’ notice of changes in the retirement age, so that people can plan effectively for their retirement.

In this regard, the Department of Labor and Pensions has indicated that all options for raising the state pension age from 67 to 68, which respect the 10-year notice period, will be examined in the next review.

“It is essential that public pensions remain sustainable and equitable over the long term,” Secretary of State for Work and Pensions Mel Stride defends, adding that a balanced approach will help achieve this and ensure that we can provide security. and the retirement of dignity led to millions of people.

Nation World News Desk
Nation World News Desk
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