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Backlog Delays Social Security

Retirement in Chile is a private and heated matter


 

EU Urges UK To Scrap Compulsory Retirement Age Paper

 

   

By: Unknown author
 The Wall Street Journal, May 13, 2002

 

 

London -- The European Union is urging the U.K. to scrap the compulsory retirement age of 65, opening up the prospect of people working far longer in order to fund their old age, The Observer newspaper reported Sunday.

The proposals extend to scrapping the retirement age across the continent, and will be presented to the British government at a European and United Nations summit in Berlin later this year, the paper said.

A draft of the document says compulsory retirement ages are becoming unsustainable as people live longer and state pensions fall behind earnings.

It also says people should not be "encouraged to take early retirement," or be penalized for staying in the labor market beyond the age of 65, the paper said. Instead, "gradual retirement" is the preferred option.

The Confederation of British Industry is against legislation that makes it more difficult to "refresh" staff numbers, the paper said.

If passed, such legislation will bring hundreds of thousands of people into the U.K. labor market.


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