Fixed retirement age to be axed

[dipsydoodle]

The government is planning to scrap the default retirement age in the UK from October 2011.

Under the proposal, employers would not be allowed to dismiss staff because they had reached the age of 65.

Activists, who have long campaigned against the rule, welcomed the proposal as a "victory" against ageism.

Currently, an employer can force an employee to retire at the age of 65 without paying any financial compensation.

http://www.bbc.co.uk/news/business-10796718

Superficially this can only be good for employees.

edit to add - makes me wonder if they will subsequently makes changes to the age at which employees NH contributions cease unless that will simply be related to changes in retirement age.

[legin]

1. Actuarial Study of life span vs. age at retirement

Age at Retirement .... Average Age At Death

49.9 ------------------ 86
51.2 ------------------ 85.3
52.5 ------------------ 84.6
53.8 ------------------ 83.9
55.1 ------------------ 83.2
56.4 ------------------ 82.5
57.2 ------------------ 81.4
58.3 ------------------ 80
59.2 ------------------ 78.5
60.1 ------------------ 76.8
61.0 ------------------ 74.5
62.1 ------------------ 71.8
63.1 ------------------ 69.3
64.1 ------------------ 67.9
65.2 ------------------ 66.8

from:
http://faculty.kfupm.edu.sa/COE/gutub/English_Misc/Retire1.htm

[legin]

2. From the table: the short version

Every year you work after the age of fifty takes 1.333 years off your life expectancy.

[tjwmason]

4. Post hoc ergo propter hoc

Actuarial tables only shown what has happened, not what the causality is. The paper gives some suggestions, but I can't see reference there to an actual study - what may cause some employees to retire earlier than others which may also affect life-expectancy?

[dipsydoodle]

3. Choice in the subject

remains with the employee : not the employer. Interesting table although I'm sure how the UK compares with the USA. I'm glad I've made a living doing more or less sweet fuck all since I was about 50. :)

[Nihil]

5. Now that is just depressing.

I thought it was bad enough that the bastards are making me work
longer before allowing me to retire anyway but then to see that
table ...
:-(