In UK, the state pension age for males will be raised to 66 years as early as 2016 – 10 years earlier than the one planned originally, the UK government is expected to declare today. 

A Tej Kohli Business Blog report….

UK government will increase the pension age for men to 66 by 2016, and is also to consider rising it for both men and women to age 70 or beyond during the forthcoming decades with an intention to reinvigorate retirement.

Meanwhile the government is also planning to scrap the default retirement age of 65, under which the employers can force employees to take retirement.

Under Labor, the UK state pension age was to be raised to 66 by 2024, before being raised to 67 by 2036 and 68 by 2046. However, the new coalition government has felt the need to take more drastic actions and believes that people should be allowed to work for as long as they want.

‘People are living longer and healthier lives than ever, and the last thing we want is to lose their skills and experience from the workplace due to an arbitrary age limit,’ Duncan Smith told the Telegraph today.

“Now is absolutely the right time to live up to our responsibility to reform our outdated pension system and to take action where the previous government failed to do so. If Britain is to have a stable, affordable pension system, people need to work longer, but we will reward their hard work with a decent state pension that will enable them to enjoy quality of life in their retirement.” he concluded.

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