AUGUST brings in changes to the UK Government’s job retention “furlough” system. The changes (taking effect from August 1) will add further pressure to hard-pressed employers who will now have to pay furloughed workers National Insurance and pension contributions.
Considering the many packages the Westminster and Scottish Government have put in place to assist employers, I would have thought a pension payment holiday along the lines of the mortgage payment holiday would have been appropriate in the circumstances.
One’s future pension is very individual and a massive source of income in later life, but in the current economic climate, with jobs in the balance, I would suggest that the Westminster Government could opt for pension payment holidays for anyone under the age of 55 as an option for employers, if that could secure employment.
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But going forward the country needs to invest in employment opportunities for the under-30s who are the country’s future – all those graduates and school leavers need employment, so going forward, is it time for a pension age review?
Many over-60s have been forced into early retirement and claiming benefits for the first time due to Covid-19. Would it not make economic sense to give the over-60s their state pension instead of them entering the paper chase, expensive process (for the claimant and the country) of claiming Universal Credit ?
Many current pensioners are the mainstay of many local communities and charities and would welcome a new batch of younger volunteers. After all, Covid-19 has taught us all how to care and share with each other.
Catriona C Clark
Falkirk
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