Retirement age in Jersey could be raised to 67 by 2031

 
St Helier Deputy Gorst wants to see the retirement age rise to 67 by 2031

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Raising Jersey's retirement age would be fairer for all generations, the social security minister has said.

People aged under 57 could have to work up to an additional two years before getting their States pension.

Social Security Minister, Deputy Ian Gorst, wants to increase the retirement age to 67 for men and women.

If members of the States of Jersey agree to his plans it would be phased in over two decades, finally coming into force from 2031.

David Warr, the vice chairman of the Jersey Chamber of Commerce said a rise in the pension age was inevitable and that there were positives and negatives in the idea.

He said: "I think it is inevitable given the changing demographics of our society. In the western world people are living longer and if you want a pension at your pensionable age I think we have to save for longer.

"That is the reality of our times, I think we just have to be realistic and pragmatic about it."

Start Quote

We need to make sure that those that do want to change jobs, because they're in a manually difficult job, that there are retraining opportunities for them”

End Quote Deputy Ian Gorst Social Security Minister

Deputy Gorst said that if nothing changes the pension fund would run out by 2030 as people live longer.

He said that the money being paid out from the Social Security Fund would soon be greater than the contributions coming in.

"We actually need people to work longer to keep our economy going so we don't put too much of a burden on our younger people. Because we know there will be fewer of them available to work."

The minister said it was important older workers were valued and cared for.

He said: "There is also a lot of other work that government have to do alongside this. We have to make sure that older workers are valued by employers.

"We need to make sure that those that do want to change jobs, because they're in a manually difficult job, that there are retraining opportunities for them."

The States will debate the issue in June.

PROPOSED CHANGES TO PENSION AGE

DATE OF BIRTH

AGE IN 2011

PENSION AGE

PENSION FIRST PAID (YEAR)

1 Jan 1955 to 31 Oct 1955

56

65 years and 2 months

2020

1 Nov 1955 to 31 Aug 1956

56/55

65 years and 4 months

2021

1 Sep 1956 to 30 June 1957

55/54

65 years and 6 months

2022

1 July 1957 to 30 April 1958

54/53

65 years and 8 months

2023

1 May 1958 to 28 Feb 1959

53/52

65 years and 10 months

2024

1 Mar 1959 to 31 Dec 1959

52

66 years

2025

1 Jan 1960 to 31 Oct 1960

51

66 years and 2 months

2026

1 Nov 1960 to 31 Aug 1961

51/50

66 years and 4 months

2027

1 Sep 1961 to 30 June 1962

50/49

66 years and 6 months

2028

1 July 1962 to 30 April 1963

49/48

66 years and 8 months

2029

1 May 1963 to 29 Feb 1964

48/47

66 years and 10 months

2030

1 March 1964 onwards

47 and below

67 years

2031 onwards

 

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    Comment number 5.

    OK, we all live longer, but how will this solve the huge problem of youth unemployment?

  • rate this
    0

    Comment number 3.

    On the basis that so many school leavers go on to university and, allowing for their mandatory gap year, don't even begin paid employment until they are almost 20 years old, it's hardly surprising that the retirement age at the other end of the life-scale has to be advanced correspondingly.

    In 1964, I had a potential working life of 49 years ahead of me; 47 or so years isn't a lot to ask today.

 
 

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