60. Mr. W. JOSEPH STEWARTasked the Chancellor of the Exchequer whether, as there are over 700,000 persons engaged in industry to-day over 65 years of age, the Government intend taking any steps to increase the amount of pension under the contributory pensions scheme payable at 65 to such a figure as would permit retirement without dependence on other resources, the receipt of this additional pension to be conditional on retirement from work so as to make room for the employment of younger people?
Mr. CHAMBERLAINThe answer is in the negative. The figure of 700,000 which the hon. Member quotes includes a large number in managerial positions or working on their own account and a further large number who, though not actually in work, describe themselves in the Census returns under the occupations they formerly followed. The number of persons over 65 now working in employment which is within the general scope of the contributory pensions scheme is about 330,000. The retirement of the main proportion of these workers would not, of course, produce anything like an equivalent number of vacancies for younger workers. It is not possible within the scope of a Parliamentary reply to discuss all the difficulties inherent in such proposals as that in the question. It is perhaps sufficient to state that any reasonably fair scheme capable of removing the main proportion of workers over 65 from the field of employment would cost at least £70,000,000 a year which would have to be raised either by additional taxation or by additional contributions.
Mr. STEWARTIs the right hon. Gentleman aware that many of these people have been in industry for over 50 years and, by hard work, have helped 1366 to make this nation what it is to-day, and that they are willing to retire to make room for younger men if they had a guarantee of greater financial security which increased pensions would give?