Pensions

State pension age change ‘to cost seven million people £10,000 each’ (From Kidderminster Shuttle)

MORE than seven million people in their 30s and 40s will lose out by £10,000 each under Government plans to increase the state pension age earlier than planned.

People born between 1970 and 1978 will have to wait until they are 68, an extra year, before receiving payments, Work and Pensions Secretary David Gauke announced last week.

Labour said the reforms were “disgraceful and unjustified”, and accused the Government of making workers carry on for longer to pay for their failing austerity policies.

Analysis by the House of Commons Library found the £74 billion the move will save works out to £9,800 per person on average across the 7.6 million hit by the change.

The amount is approximately equivalent to about one year’s worth of payments of the new state pension, which totals £8,300, the research said.

Debbie Abrahams, shadow work and pensions secretary, said: “This is a disgraceful and unjustified attack on the state pension by this Government, who are asking millions of people to work longer to pay for their failing austerity plans.”

The new change affects anyone born between April 6 1970 and April 5 1978.

The Department for Work and Pensions (DWP) said it would save the equivalent of £400 a year per household.

A DWP spokesman said: “These changes will ensure that the state pension is both fair and sustainable for future generations.”

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Jeremy Corbyn has insisted he did not promise to write off student debt as he campaigned for the youth vote in the general election.

The Labour leader has faced claims he used students as “election fodder” by indicating he would wipe out the sums they owed for their education.

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The Director-General of the BBC said he will “value (the) contribution” of more than 40 senior female presenters and reporters who signed a letter demanding immediate action from him to tackle the gender pay gap.

Lord (Tony) Hall said work was under way to close disparities between how much men and women are paid at the corporation.

His response follows a letter, signed by the likes of Clare Balding, Emily Maitlis and Fiona Bruce, which called for action to sort out pay inequality “now”, rather than by Lord Hall’s self-imposed 2020 timescale.

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