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UK retirement laws 'must change'

UK retirement laws 'must change'
The government must change laws concerning the age at which people are made to give up work.

This is according to Age UK, which suggested that not only are current default rules unfair, but they are also costly.

It claimed that the practice of making employees give up work when they hit 65 has opened up an estimated £3.5 billion gap in lost economic output.

Of this, £2 billion is lost earnings for staff members themselves, the charity suggested.

Although the three main political parties have pledged to alter the law in this area, neither the Conservatives nor Labour have guaranteed a complete end to forced retirement.

Age UK director Michelle Mitchell said: "While party leaders are gearing up to lock horns over the state of the economy, they should remember that scrapping the default retirement age is a simple step to boost public finances."

The general election is set to take place on May 6th and political leaders are preparing for the contest.