Jamie Hailstone 02 August 2017

Raising pension ages leaves women worse off

Raising pension ages leaves women worse off image

Changes to the state pension age have left women aged between 60 and 62 years old worse off by an average of £32 a week, according to a new report.

The report by the Institute for Fiscal Studies found 1.1m fewer women are receiving a state pension after the Government decided to raise the state pension age from 60 to 63.

According to the report, while this move has boosted public finances by £5.1bn a year, it has also meant household incomes for woman aged between 60 and 62 have fallen by an average of 12% or £32 a week.

The report notes for lower income households the drop is even more, having lost 21%, while higher earning households have only seen it decrease by 4%.

It also claims income poverty figures among 60 to 60-year old women have risen by 6.4% since 2010, although the report also found ‘no evidence of any change in measures of material deprivation’.

The report concludes families have ‘generally managed to avoid higher levels of deprivation by smoothing their spending over time’.

The female state pension age will rise to 65 years old in 2018 and 66 in 2020.

‘The tax and benefit system is much more generous to those above the state pension age than those below it,’ said senior research fellow, Jonathan Cribb.

‘So while increasing the state pension age is a coherent response to the public finance challenge posed by rising longevity, it does place a further pressure on household budgets.’

SIGN UP
For your free daily news bulletin
Highways jobs

Residential and Edge of Care Worker - Dovedale Children’s Home

North Yorkshire County Council
£24,982 - £27,741 per annum
We are looking for a Residential and Edge of Care Hub worker to work within the No Wrong Door Hub in Harrogate. Harrogate, North Yorkshire
Recuriter: North Yorkshire County Council

Head of Commissioning and Partnerships

Government of Jersey
£76,299 - £86,279 per annum
Jersey is on an exciting journey towards implementing a new model of care Jersey (GB) (JE)
Recuriter: Government of Jersey

SEND Inclusion Partner

Essex County Council
£37748 - £44410 per annum
SEND Inclusion Partner Permanent, Part Time £37,748 to £44,410 per annum (FTE) Location
Recuriter: Essex County Council

Head of Economic Growth, Investments and Implementation

Copeland Borough Council
£53,241 - £56,500
We have an exciting opportunity at Copeland Borough Council. Cumbria
Recuriter: Copeland Borough Council

Exams Officer

Essex County Council
Up to £23062 per annum
Exams Officer Permanent, Part Time Up to £23,062 per annum Location
Recuriter: Essex County Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue