Grafter­life

Work­ers will die be­fore they can claim a pen­sion

Daily Mirror (Northern Ireland) - - NEWS - BY GRA­HAM HISCOTT Busi­ness Ed­i­tor

GROW­ING num­bers of work­ers in poor ar­eas will die be­fore they get the state pen­sion, MPS warn.

The triple-lock sys­tem will raise the re­tire­ment age to 70.5 years by 2060, a re­port re­leased to­day says. Hard­est hit will be men, es­pe­cially those in man­ual jobs, in dis­ad­van­taged re­gions. Work­ers in 162 ar­eas in Scot­land and 26 in Eng­land, in­clud­ing Black­pool, Manch­ester, Teesside and Le­ices­ter, where male life ex­pectancy is be­low 70.5 years, could die be­fore they re­tire. The Com­mons Work and Pen­sion Com­mit­tee re­port called for the triple lock to be scrapped. The sys­tem en­sures pen­sions rise each year ei­ther in line with av­er­age earn­ings or in­fla­tion, or by 2.5% – which­ever is higher. Crit­ics say it is be­com­ing un­af­ford­able. At the mo­ment, men can claim the state pen­sion at 65. Women’s re­tire­ment age is cur­rently in­creas­ing and will reach 65 by 2018. By 2020, men and women will have to wait till 66 to re­tire. By 2028, it will rise to 67. And it will have to go up 70.5 by 2060 if cur­rent spend­ing of 6% of gross do­mes­tic prod­uct is main­tained, the com­mit­tee has warned. Its chair­man, Frank Field, said: “With the triple lock, the only way ex­pen­di­ture can be made sus­tain­able is to keep rais­ing the state pen­sion age. This has the ef­fect of ex­clud­ing ever more peo­ple from the state pen­sion al­to­gether. Such peo­ple will dis­pro­por­tion­ately be from more de­prived ar­eas and man­ual oc­cu­pa­tions, while those ben­e­fit­ing most will be the rel­a­tively pros­per­ous. “By 2020, the state pen­sion will pro­vide a de­cent min­i­mum in­come for peo­ple in re­tire­ment to un­der­pin sav­ings… Triple lock will have done its job and it will be time to re­tire it.” Chan­cel­lor Philip Ham­mond has in­di­cated the Gov­ern­ment will not re­view the triple lock till af­ter 2020.

HIT HARD Labour­ers will suf­fer most

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