As highlighted by Vince Cable in the Daily Mail today, the laws for compulsory retirement should be transformed to reflect the changing society in which we live in today. The Office for National Statistics in their latest report indicates that the number of people aged 65+ is now greater than those aged 16 or less. This highlights to a great extent the need to accommodate older people and their chosen lifestyles. I therefore welcome the announcement by the government that a review into the laws governing compulsory retirement at the age of 65 is being brought forward a year to 2010.
If as pension experts suggest the UK government repeal the law, people aged 65+ will have greater autonomy over their lives and gain greater security within their jobs. This will undeniably cause less stress and increased happiness among older people. In the long run it will mean a reduction in pensioner poverty.
There have been a number of cases that demonstrate the way in which companies have been using existing law to force people aged 65+ out of work. This has been condemned by both Age Concern and the Equality and Human Rights Commission.
Trade unions will not only welcome this announcement by the government but the economy as whole will benefit from the increased ability of people aged 65+ to work until they can no longer.