Thursday, Jul 29, 2010
We Must Pay This Off Somehow!
BBC: Fixed retirement age to be axed
Setting up the ability/obligation to work forever. Thiw will enable anyone who bought their home with a big mortgage post 2000 to work a lot longer to pay it off. This also enables the inevitable creation of the 50 year mortgage, coming to a cinema near you some time in the future, to find yet more leverage from the younger generation to keep the whole pyramid scheme going.
Posted by ontheotherhand @ 03:39 PM (755 views) Add Comment
8 Comments
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1. crash n burn said...
Wait until scientists discover how to switch off the aging gene. This will boost house prices and allow us to work for several hundreds of years to pay them off. This will be the start of the real inter-generational competition.
2. nod2glod said...
Will this actually have the reverse effect on the elderly work force, it that potential employers will be less inclined to hire people in the first place?
3. enuii said...
This will eventually change the way people perceive work, in a world of finite resources we either work harder and longer for the same (capitalism) or accept a lower and more equal standard of living (basic socialism).
How many employers want to actually turn their workplaces into rest homes for worn out workers (not many) and how many workers actually want or can work towards and into their 70's (a small percentage).
In my industry (whats left of it) this means that the only jobs the over 60's can get are short term contract ones when no younger workers are available and leaves healthy over 60 job seekers in a state of permanent limbo, trapped on a unreliable or low income until they can actually draw a pension.
As for 50 year mortgages, youngsters should forget it and leave the country instead!
4. enuii said...
From the Telegraph on the same subject @ http://www.telegraph.co.uk/finance/jobs/7917364/Scrapping-default-retirement-age-will-add-to-younger-workers-job-woes.html :-
'Jim Lister, head of employment at Pannone law firm, said: “Businesses often rely on the retirement of older workers to reward more junior employees with promotion and to bring in fresh talent. Compulsory retirement can be unwelcome, but it provides a dignified and predictable end to employment. However, now faced with the prospect of workers staying on after the age of 65, many businesses will be forced to introduce more rigorous performance management procedures in order to promote as well as dispense with employees.”
Looks like life is going to get even more stressful if you have a nice job and are anything over 55 as they (management and younger staff) will get you out by hook or by crook before you become a liability.
Stress free life after 60, don't think so!
5. Circle Of Life said...
What goes around comes around. The baby boomer generation has robbed successive generations blind. The difficulty with that approach is that the future generations have to learn how to rob even more successfully, and the old are far easier prey than the young.
I wonder whether the baby boomer generation will ultimately be held to account once their ill-gotten gains have been 'retrieved' by the state (regardless of chosen retirement jurisdiction) in under-funded and over-populated nursing homes up and down the country.
6. uncle tom said...
I think this is quite a shrewd tactic..
..a huge current issue is the unfunded cost of public sector pensions.
If the fixed pension age is thrown out, and people in the private sector then work until they have sufficient pension funds to quit - a fairly logical approach - the public sector is then put in a very defensive and difficult position..
..only a small step then to asking public servants to work longer, in order to earn their pensions..
The beauty is that the unions are now commending a measure that they will surely come to condemn, once the penny has dropped!
7. maihem said...
The last government has delayed state pensions beyond 65, if employers were allowed to retain the right to sack you for being 65, you'd have 5 years with no income and no way to earn one. In what world would that be good?
8. urbanbear said...
I was expecting this; the state will be increasingly less able to pay the Ponzi state pensions, so keep raising the retirement age until people are close to dying or dead before they can claim a state pension!
If you think Pensioner poverty is bad now, you ain't seen nothing yet!
Best to have a private pension so you at least have some aged dignity, and at most, only have to work part time, which is all you will probably be able to bear at the work available for that age group!