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News > No. of UK working pensioners up by 3rd

 

No. of UK working pensioners up by 3rd

Posted on January 3rd 2014 - 12:13

 

Source: www.presstv.ir

 

 

The number of Britons working beyond the state pension age has increased by a third over the past few years, a new report says.

 

According to the study by Saga, the British company that offers services to the over-50s, the number of workers aged 65 or more has risen from 800,000 in 2010 to 1.068 million in 2013.

 

The report, released on Sunday, found the employment rate for the age group stands at 10 percent, the highest amount since official records began in 1992.

 

The employment rate for British workers aged between 50 and 64 was also reported to have topped 68 percent.

 

Experts blamed the rise in the number of working pensioners on rock-bottom interest rates on savings accounts, soaring energy bills, and low pension payouts.

 

"Employment is not a zero-sum game, and while the number of over-50s in work is rising faster than the other age groups, the over-50s have not been squeezing young people out of the job market,” said Tim Pethick of Saga.

 

The state pension age was 60 years for women and 65 for men until 2010. However, the female pension age in Britain has begun rising to reach 65 by November 2018.

 

In December 2013, British Chancellor George Osborne used his Autumn Statement to announce changes to the country’s retirement age.

 

Under the new plans, aimed at saving up to £400 billion over the next half-century, the state pension age both sexes will increase to 68, 69 and 70 by the mid-2030s, the 2040s and the 2060s respectively.

 

 

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