Today’s workers ‘at greater risk of poverty in old age than their parents’
As Britain tried to revive a government organ to combat the crisis, today’s workers are at a greater risk of poverty than their parents in old age.
According to Age UK, people who want to retire in 2050 will receive £ 800 less than 800 £ less than the current retirees.
The Ministry of Labor and Pension (DWP) will resurrect the last Pension Commission, which encountered in 2006, to öyle address the obstacles that prevent it from saving too much in the first place ”.
Lis and Pension Secretary Liz Kendall said that at least 45 percent of the working age adults did not put anything on pensions.
The previous commission suggested that people automatically regain workplace pensions, which increased by 55 percent in 2012, found that the number of appropriate employees were up to 88 percent.
DWP analysis claimed that 15 million people were unfair for retirement and that self -employed, lower wage and some ethnic minorities were particularly affected.
It is said that approximately three million self -employed people do not save anything for their retirement, while only one quarter of low -wage people in the private sector savings from Pakistan or Bangladesh past.
Women face an important gender retirement gap with those approaching retirement to get half of the income that men can wait.
Pension Minister Torsten Bell said: “The Original Pension Commission helped to increase the pension and reduce retirement poverty.
“But if we continue as we are, the retirees of tomorrow face the risk of being poorer than today. So we play the Pension Commission to finish the job and give safe pension to today’s workers.”
The Commission will be managed by Barones Jeannie Drake, a member of the previous commission, and will be reported in 2027 with proposals beyond the next election.
Caroline Abrahams from Age UK said that the commission should address the state pension for most retirement, which provides a large part of its retirement income.
He said: “If we avoid the future generation retirees with financial difficulties, we need reforms that enable more people to create a good standard of living, and they are not earlier to maximize the numbers that can be helped.”
Ministers hope that the Pension Commission will work with businesses and trade unions, as the predecessor does.
