Britain proposes raising retirement age

Parliament to vote on changes that could save country's pension system from funding crisis
By
|hrreporter.com|Last Updated: 07/20/2006

As part of a move to overhaul its pension system and avoid a funding crisis, the British government proposed increasing the retirement age from 65 to 68 by 2046.

With people living longer and having fewer children, there are worries that the country's pension system might not be strong enough to support the aging population.

Many of the changes proposed by British Work and Pensions Secretary John Hutton were recommendations that came out of a 2002 panel that warned there will be 50 per cent more pensioners in Britain by 2050 and 10 million workers aren't saving enough for retirement.