UK government to raise retirement age

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ASTANA. KAZINFORM The British government has decided to raise the retirement age from 67 to 68 years between 2037 and 2039, TASS cites the Department for Work and Pensions.

This step significantly accelerated the timetable for retirement age rise, previously approved by the government. According to it, the transition to taking 'well-deserved rest' at the age of 68 was to be carried out 7 years later, in 2044-2046.

"As life expectancy continues to rise and the number of people in receipt of State Pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and protected for future generations," Secretary of State for Work and Pensions David Gauke said.

The department stressed that the current changes will not affect those Britons who were born before April 5, 1970.

To prove that nowadays people live longer, the Department for Work and Pensions recalled that when the 65-year-old bar retirement age for men was introduced in the country in 1948, a retiree could expect to spend 13.5 years or 23% of their adult life. Whereas now, 65-year-olds expect to live for another 22.8 years, or 33.6% of their adulthood.

As of today, the retirement age in the UK is 65 for men and 60 to 65 (depending on the date of birth) for women. In 2020, the retirement age for both sexes will be raised to 66 years, and to 67 in 2028.

 

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