Change in the retirement age plan

November 28th, 2008 - 1:06 pm ICT by Amrit Rashmisrisethi  

Retirement Age PlanIn certain countries, the retirement age is ranged between 55 to 65 but the European law did its changes.

Seeing the French law, the French parliement opted a new rule that will allow elderly people to work until 70 despite going through criticism from the unions and the opposition socialists that it opens the way to push back the official retirement age. In the rule , the government also denied on the law that would force anyone to work beyond the age of 65, the age at which the French workers have to be obliged to retire, but the regulations say it will allow greater flexibility to those who want to continue working.

This rule was just approved by the Senate yesterday. France faces growing pressure on its pension system and has been forced to increase the period for which retirees pay pension contributions to 41 years despite strong opposition from unions.

Under the current system, French workers can retire at the age of 60 if they have paid contributions for a certain number of years. The contribution period is set to rise from 40 to 41 years by 2012.

John Hutton, the Labour Member of Parliament for Barrow and Furness and current Secretary of State for Defence of the United Kingdom said the state pension age will set to increase to 68 by the year 2050, anyone aged less than 47 facing a longer working life,and the work.

People born before 1959 will be unaffected by plans to phase in a higher retirement age over three decades. The state retirement age, which is set to be 65 for men and women by 2020, will rise to 66 between 2024 and 2026, to 67 between 2034 and 2036 and to 68 between 2044 and 2046.

Mr Hutton even announced the plan to make the state pension system fairer for women and others with a non-continuous work record.

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