Pension scheme cuts paying inadequate pensions are leading to pensioners still being at work aged 70 and over says GMB.
With the working poor unable to retire we are entering a new normal of working purgatory until you die and is the other side of the coin to the rich getting richer says GMB.
GMB commented on official data from Department of Work and Pensions which show that twice as many 70-74 year-olds are in employment compared with a decade ago and that one in 10 hold some kind of job. See notes to editors for copy of the story from Press Association.
Keir Greenway, GMB National Pensions Officer, said ” The trend for people to live longer has coincided with the cutting back by private sector employers of pensions for retired staff.
Good pensions have been replaced by glorified saving schemes that deliver not much in the way of pensions. Just try living on the basic state pension of less than £116 per week for a single person.
With the working poor unable to retire we are entering a new normal of working purgatory until you die.
With State Pension age going up, misleading information about the weekly amount for state pensions and government setting the minimum that employers and employees have to contribute to a workers pension combined at 2% we are seeing a new policy of work until death for lower paid manual workers in the private sector. This is the other side of the coin to the rich getting richer.”
Posted: 30th September 2015