25 Jul, 2014
Growing number of elderly working Britons driving down wages — RT UK
Britain’s more mature citizens who choose to delay their retirement because they fear running out of funds are driving UK wages down, the Bank of England (BOE) claims.
The BOE’s comments follow a warning issued by the Office of Budget Responsibility (OBR) that Britain’s elderly will have to delay their retirement to help lower the UK’s national debt. The OBR – Britain’s official economic forecaster – has said that the state’s pension age is likely to hit 70 over the next 50 years.
The BOE emphasize that while unemployment in Britain is falling, the state’s average weekly wages are declining. The Bank’s officials suggest wages could be falling because more Britons are working, including increasing numbers of elderly citizens “concerned about the adequacy of retirement provisions.”
Read the rest: Bank of England: Growing number of elderly Britons working later in life is driving down wages — RT UK.
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