§ 22. Mr. Gwilym Robertsasked the Secretary of State for Employment what is the estimated annual cost of the job release proposals for men aged 62 years or over; how many jobs it is expected to create; and how the cost figures and jobs created compare with the effect of reducing the pensionable age of men to 62 years.
§ Mr. GoldingOur recent expansion of the job release scheme has resulted in a very welcome increase in applications and we estimate that some 70,000 men aged 62, 63 and 64 will enter the expanded job release scheme in the next financial year at a gross annual cost of £115 million.
A reduction of the statutory pensionable age for men to 62 would affect 730,000 men at an annual cost of £1,330 million.