In keeping with a committment in the Coalition agreement, Employment Minister Ed Davey announced the end of compulsoery retirement at 65 this week. Age campaigners have long called for it to be scrapped.

Althoughe not all firms still insist on people leaving on their 65th birthday, there are concerns in the business community about the change.

Many bosses have criticised the move - featured in both Conservative and Liberal Democrat election manifestos - for reducing flexibility for employers.

The Daily Stirrer comments:
That's going to do wonders for the young jobless. The economic mismanagement of governments over the past thirty years has created a pensions time bomb. Many people who responded to the exhortations to 'save for a comfortable retirement' are now finding that having denied themselves luxuries in order to provide security in retirement for themselves, their pension funds have been eroded by inflation, stock market boom and bust economics, stealth taxes and fraudulent practices in the finance industry.

Some pensioners have always supplemented their income with part time or low paid work but if all pensioners now have the opportunity to stay in work so long as they feel able and to thus keep their savings growing who can blame them. This will only deny jobs to younger people of course.

Nobody in politics or the civil service has bothered to give much thought to the age problem created by the sudden increase in average life span in the past half century. When the retirement age was set the average age at death (distorted by the two great wars of the 20th century) was under 65. When I started work in the 1960s it had risen to 68 for men, 71 for women. Now people expect to live until over eighty and longevity expert Prof. Aubrey de Grey says life expectancy is increasing by almost a year for every real time year that passes.

We have to lower our expectations or find a way of employing a lot of extra people.

RELATED POSTS:
Unilever Boss Warns Of Food Crisis
The Aspirational
Financial Alchemy