Move the State Pension age back to 60 for both men & women

[Deleted User]

Why wait so long? Lets petition for 30. Also, why limit it to men and women? 

JJC1956

No problem sorting the money, just Print it off, 😁 I think its called Quantitative Easing, that’s what Greece done for many years until they joined the EU and got sussed out.

jamesd

Greece didn't use QE, their governments outright lied about their financial performance to get into the Eurozone. They were already in the EU.

jamesd

A crude look at the financial cost. It's roughly a 25% increase in pensioners and since the state pension is paid for out of the NI from working people that implies a 25% increase in NI. NI today is largely 12% employee and 13.8% employer for a combined 25.8% so the result would be an increase in NI to 32.25%. In the higher rate 2% plus 13.8% it'd rise to 19.75 but I think it'd be politically intolerable to have higher earners getting a lower increase so I think it might be done by ceasing to have the NI upper earnings limit align with higher rate tax and move it higher so some higher rate income tax money gets the combined 32.25% NI.

This ignores the reduced number of workers from earlier retiring, the different NI rates and the use of some NI for the NHS and working age benefits but it gives a reasonable if crude idea of how much the proposal would hurt workers. Young workers are likely to be particularly badly affected by the reduced take home pay or employers deciding that the higher NI makes some of them not worth employing.

brewerdave

dunstonh said:

qwert10 said:

https://petition.parliament.uk/petitions/581736

50k signatures so far

One born every minute.

Lets give everyone £100,000 from the magic money tree.

Thank God - someone has found Jeremy's magic money tree - thought it had been affected by die back disease !!

nigelbb

jamesd said:

A crude look at the financial cost. It's roughly a 25% increase in pensioners and since the state pension is paid for out of the NI from working people that implies a 25% increase in NI. NI today is largely 12% employee and 13.8% employer for a combined 25.8% so the result would be an increase in NI of around 7%.

This ignores the reduced number of workers from earlier retiring, the different NI rates and the use of some NI for the NHS and working age benefits but it gives a reasonable if crude idea of how much the proposal would hurt workers. Young workers are likely to be particularly badly affected by the reduced take home pay or employers deciding that the higher NI makes some of them not worth employing.

Sounds good to me. If earning £100K per year you would only pay about £410 extra National Insurance per year. 

mark1959

In my naivety in the early nineties i thought that the gov. would do the right thing and have the state retirement age for every one [transgenders obviously included] at 62 and a half. How silly of me.

resk

This is my favourite pointless online petition since that one demanding that the Euros final be replayed because an England player got his shirt tugged.  

Dale72

qwert10 said:

https://petition.parliament.uk/petitions/581736

50k signatures so far

I think this place is a little too reactionary for ideas like that. I'm surprised no ones suggested the young people get jobs picking fruit and veg to replace the EU migrants,

jamesd

nigelbb said:

jamesd said:

A crude look at the financial cost. It's roughly a 25% increase in pensioners and since the state pension is paid for out of the NI from working people that implies a 25% increase in NI. NI today is largely 12% employee and 13.8% employer for a combined 25.8% so the result would be an increase in NI of around 7%.

This ignores the reduced number of workers from earlier retiring, the different NI rates and the use of some NI for the NHS and working age benefits but it gives a reasonable if crude idea of how much the proposal would hurt workers. Young workers are likely to be particularly badly affected by the reduced take home pay or employers deciding that the higher NI makes some of them not worth employing.

Sounds good to me. If earning £100K per year you would only pay about £410 extra National Insurance per year. 

7% of the portion above the higher rate threshold is around £3,500. On top of the extra 7% on most of the part below that. Unless employers are made to pay some of it.