Jeremy Hunt in plea to early retirees: ‘Britain needs you’

diystarter7

Hi OP

I heard about it on the tv and made me lol, LOL, big time

So what this failed clown is saying in part and to those that have decided to jack in work at around 50, etc  - is come back to work and will tax you and tax you and it will mean more money for the gov to squander away when we get hands on the IHT.

Even if they said, come back no tax - I'd still lol at him.

Its time to look at the benefits and what some organisation pay their workers as many on min wages are supplemented via benefits and this should nor be the case.  Companies should pay a proper wage and benefits must not put people in a better postion than those that toil to work and many times worse off after taking off travel costs and food costs never mind the 50 or so hours away from home.

No thanks

molerat

Anonymous101 said:

Expotter said:

Anonymous101 said:

I'll be very interested in any idea's they come up with for making it worthwhile. I suspect it would need a mixture of carrot and stick. The government typically being much more comfortable with the stick approach for PAYE types.

A good place to start would probably be a rethink of the Lifetime Allowance and IR35 rules, that might encourage some to stay in work for longer, but not enough for me though.

Very much carrot territory there. Whilst I'd like to see those types of incentives I was thinking the actual measures would be further reductions of LTA and raising of state pension age with perhaps some ISA or tax relief restrictions thrown in as an attempt to force people back to work.

How would those "stick" methods get early retirees back to work ?  We are already losing doctors etc because of the low LTA making it not cost effective to work a full week. If you can afford not to work then there is very little anyone can do to change that, having those limits and restrictions would affect very few. It is the other end where the effort needs to be focussed, not working needs not to be an option, I need to work or I starve was a comment from someone on a "Brits in the sun" programme.  Cutting of working age benefits is what is needed, back to the old system of the job centre telling you where you are going to work if you won't find work yourself ! I remember the difficulty in trying to get some staff to work extra hours, would not work a minute over 16 hours.  I was offered a few jobs after I retired at 55, not in the least bit interested.

mumf

42 years hard graft from me. Butcher by trade all that time. Did what their goddess Thatcher ranted at us back then. Bought my property outright,set up pension,saved hard, no debt,never claimed anything. I was on the verge of semi retirement this year anyway. My current employer is taking the p*ss by putting more work on the backs of the older ,skilled guys,cos youngsters don’t want it. More pay? Don’t make me laugh. Better hours? Don’t make me laugh. Now I have unfortunately become terminally ill. 

I don’t blame our age group wrapping their work,before illness sets in. Mr Hunt ; you are a ****! 

Audaxer

Expotter said:

Today Jeremy Hunt said : “So, to those who retired early after the pandemic, or haven’t found the right role after furlough, I say: Britain needs you. And we will look at the conditions necessary to make work worth your while.”

Would anyone here consider unretiring and returning to work, what would it really take to make it worthwhile?  

Oh well, it doesn't seem to include me as I retired early, but a few years before the pandemic! 

I don't think any incentive would tempt me to return to work. 

Expotter

Anonymous101 said:

Expotter said:

Anonymous101 said:

I'll be very interested in any idea's they come up with for making it worthwhile. I suspect it would need a mixture of carrot and stick. The government typically being much more comfortable with the stick approach for PAYE types.

A good place to start would probably be a rethink of the Lifetime Allowance and IR35 rules, that might encourage some to stay in work for longer, but not enough for me though.

Very much carrot territory there. Whilst I'd like to see those types of incentives I was thinking the actual measures would be further reductions of LTA and raising of state pension age with perhaps some ISA or tax relief restrictions thrown in as an attempt to force people back to work.

You're probably right, it's much more their style, I was just trying to be optimistic. I've already seen several reports of the State Pension Age increase to 68 being brought forward to the mid 2030s instead of 2046, rumoured to be announced in the March budget. There's also been a lot of talk of a reduction in pension tax relief for a while now, so it's probably in their sights as well. Even means testing the State Pension is being thrown around, so who knows what they'll come up with. Hunt seemed to suggest the government  had a "cunning" plan without giving any specifics. 

bostonerimus

Older workers are great as their experience allows them to do a job well and they can also teach younger co-workers. Hunt's plea shows that to grow the economy the UK needs more workers after the workforce problems caused by Covid and Brexit, but I don't see many retirees returning to work if they don't have reliable public transportation, a working NHS or some belief that the Government is working just as hard to make the country better. Hunt might also look at removing the benefit reductions that happen when you take on a part time job.

Pat38493

This was a mad idea that occurred to me a while back.

What about splitting the personal allowance so that people get a separate personal allowance for pension income versus employment income?  

I suspect one thing that puts people off is the knowledge that all the money they earn will be taxed at 20% + NI (or more).

I guess it also depends which type of pensioners they want to go back to work and into what type of jobs.

molerat

Pat38493 said:

This was a mad idea that occurred to me a while back.

What about splitting the personal allowance so that people get a separate personal allowance for pension income versus employment income?  

I suspect one thing that puts people off is the knowledge that all the money they earn will be taxed at 20% + NI (or more).

I guess it also depends which type of pensioners they want to go back to work and into what type of jobs.

How would that work apart from increasing the personal allowance ?

Maybe 100% / flexible transferable marriage allowance could be an option.

Pat38493

molerat said:

Pat38493 said:

This was a mad idea that occurred to me a while back.

What about splitting the personal allowance so that people get a separate personal allowance for pension income versus employment income?  

I suspect one thing that puts people off is the knowledge that all the money they earn will be taxed at 20% + NI (or more).

I guess it also depends which type of pensioners they want to go back to work and into what type of jobs.

How would that work apart from increasing the personal allowance ?

Maybe 100% / flexible transferable marriage allowance could be an option.

Probably I haven't thought it through but it would be a "pension personal allowance" that only applies to any pension related income.  i.e. it would allow pensioners to work part time and not pay tax on the first x amount - it could either by the same value as current personal allowance or a different amount.

Albermarle

I guess it also depends which type of pensioners they want to go back to work and into what type of jobs

I suspect that most of the usual posters on here are not the target audience, if only because many have large retirement pots/incomes and/or  have at least planned their retirement carefully 

I think it is more unskilled/semi skilled/ skilled workers, they want to go back. Such as lorry drivers, pub/hotel staff, NHS, care workers, shop staff, teaching assistants, manufacturing shop floor workers etc who may have retired by default by not going back after Covid. Or have health issues and could maybe go back to a lighter job.

These may be a bit more nervous about their long term financial position, especially with the current inflation situation.