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Friday, July 23, 2021

State pension: Rishi Sunak urged to lower age to 60 to ‘free up jobs for young people’

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State pension: Rishi Sunak urged to lower age to 60 to 'free up jobs for young people'

State Pension age will be important to Britons as it is at this point they will be able to unlock their sum. The amount a person can receive is usually based on National Insurance contributions, but can climb up to £179.60 per week. State pension age is currently set at 66, however, a new petition on the official Parliament website has called for a reconsideration of this matter.

The impacts of the pandemic across the board have been wide-ranging, and with support measures set to draw to a close, many fear a jobs crisis.

Redundancies are expected when the furlough scheme ends in September, meaning many more people could be competing for employment.

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The petition, then, poses an earlier retirement as a potential solution, to take older Britons out of the jobs market and allow young people to come to the fore.

Currently, at just over 1,000 signatures, the petition will need to garner at least 10,000 before an official Government response is triggered.

The age at which people become entitled to the state pension has often been a topic of controversy.

Previously, state pension age stood at 60 for women and 65 for men.

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However, following changes to ensure gender parity, the state pension age was set at 65.

Subsequently, the state pension has been undergoing gradual increases, meaning eligibility age has become further off.

Now at 66, the state pension age is set to rise even further in the future, meaning Britons will have to wait longer to receive their sum.

The increase to state pension age, the Government has explained, is a result of rising life expectancy.

Now, Britons are expected to spend a larger proportion of their lives in retirement than ever before.

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With an ageing population, to ensure everyone is able to receive a state pension, the age is being gradually increased.

But with a moving barometer, many Britons may want further clarity on what a state pension age change could mean for them.

The Government’s state pension age calculator, accessible through its official website, may be able to help in this regard.

The online tool can help individuals discover a number of important entitlements, which include:

  • When a person will reach state pension age
  • When a person will qualify for Pension Credit
  • When a person will be eligible for free bus travel

People may also wish to use the state pension forecast tool in order to find out how much money they are due to receive.

A DWP spokesperson told Express.co.uk: “The Government decided over 25 years ago that it was going to make the state pension age the same for men and women as a long-overdue move towards gender equality. 

“Raising State Pension age in line with life expectancy changes has been the policy of successive administrations over many years.”

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State pension: Rishi Sunak urged to lower age to 60 to 'free up jobs for young people'
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