§ Mr. DrewTo ask the Chancellor of the Exchequer what would have been the impact on(a) tax revenues, (b) pension funds and (c) gross domestic product if all those who have taken early retirement had instead worked until their statutory retirement age for the period 1982 to 2002. [65018]
§ Ruth KellyBetween 1984 and 2000 activity rates of individuals aged 50 and over have remained broadly constant at just under 70 per cent., with the male activity rate falling slightly while the female rate has risen. Currently, only 39 per cent. of men are still in employment at age 64, 47 per cent. of women at age 59.
With increasing life expectancy, pensions will have to last longer requiring more pension saving by individuals themselves and through occupational arrangements. The Government have policies in place to enable and encourage people to work longer and save more for retirement. The new deal 50 plus was introduced nationally in April 2000, and has helped over 60,000 older people find work. The Government are also, through the Age Positive campaign, challenging ageist employment practices; and is committed to legislating against age discrimination in employment and training by 2006.