Wednesday Jun 13, 201205:03 PM GMT
Working pensioners multiply in Britain
Wed Jun 13, 2012 5:2PM
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The number of people working beyond the state pension age in Britain has almost doubled since 1993, due to financial pressures and other factors.


The Office for National Statistics (ONS) said in a report that Britain’s population is pressurized to work beyond retirement age more so than the UK just being recognized as an aging society.

The organisation said there may be many factors influencing the near doubling in the number of people working past the state retirement age, including improved health and wellbeing, financial pressures, and people living longer and wanting to remain active in society.

At the moment, the state pension age is being equalized for men and women at the age of 65. It will then rise to 66 for both men and women by 2020 and onto 67 by 2028.

A member of the National Association of Pension Funds, Darren Philip, stated that it would become normal for older people to keep on working.

"The problem comes when people want to retire, but end up stuck at work because they cannot afford to leave. With half the workforce not saving into a pension, this is going to become a painful reality for millions," Philip warned.

Tom McPhail of an investment firm explained that it is inevitable that more and more people will have inadequate retirement savings by the time they reach their 60s.

Statistics repeatedly say that life expectancy in the UK has risen by 20 years, but this calculation is also recognized as a manipulation to keep older people in work.

Britain is facing a "new retirement reality" with the number of people working beyond the state pension age rising by 85 percent in the past 20 years, from 753,000 in 1993 to 1.4 million in 2011.

BGH/MOL/HE
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