A British government move to shore up pension savings could force people to work into their 70s, according to a report in The Daily Telegraph in London.
Two steps in that direction include making it illegal for companies to force people to retire at 65 and increasing the age at which employees can claim state pensions to 66 10 years earlier than previously planned. That increase would take effect in 2016 instead of 2026.
The coalition government also is studying the pace at which it might increase the retirement age in view of rising life expectancies, the Telegraph reported. Life expectancy now is 77.4 for men and 81.6 for women, the paper said, projecting that there will be three people in their 90s for every newborn by 2050.
By the second half of the century, most people in Britain could be working into their 70s but would have more generous pension plans, the London newspaper suggested.
Of course, such projections assume an abundance of jobs, which may not be the case. In May, the British Office for National Statistics reported that UK unemployment had passed the 2.5 million mark to reach its highest point in 15 years.
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