And for many reasons other than financial hardshipby Norma Cohen / April 5, 2017 / Leave a comment
Recent news that the ranks of older women in the workforce are swelling may come as a surprise. But as pensions provider Hargreaves Lansdown points out, official data shows out that the percentage of working women over the age of 70 has doubled within the past four years.
Given the outcry over moves to raise the state pension age (SPA) for women, these figures might be interpreted as a response to financial hardship. However, experts on labour and retirement dismiss this reading. “It’s fantastic news,” said Baroness Ros Altmann, an independent expert and former pensions minister. “It means women have better health, better wealth and will be contributing to Britain’s economic growth.”
Indeed, rising longevity is forcing governments in developed economies to reshape their pension systems, in part by raising the age at which workers can make a claim on the state. In Britain, men and women’s SPAs are to rise to 66 by 2020 and then 67 by 2028, and the so-called default retirement age, which allowed employers to make staff redundant at 65, has been scrapped.