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UK new Pension Policy pushes almost 1,00,000 people into poverty

The finding, in a study by the Institute for Fiscal Studies and the Center for Ageing Better, puts pressure on the government to extend the social safety net for those who are hit hardest.

The UK decision to increase the age at which people can claim pension benefits has pushed nearly 100,000 people into poverty – one in seven of those affected by the change.

These findings, in a study conducted by the Institute for Fiscal Studies and the Center for Better Aging, put pressure on the government to expand the public safety network for those most affected.

It has shown that people with low levels of education and living in rented facilities are more likely to suffer the most and add to the widespread concern about reducing living expenses.

“These figures are alarming and show that the number of 65-year-olds in total poverty has risen from one in 10 before the retirement age has risen to about one in four just two years later,” said Emily Andrews, a deputy. director of the Center for Better Aging.

Britain has increased its state pension age to 66 from 65 between the end of 2018 and the end of 2020. That meant that about 700,000 people on the verge of benefits missed an average salary of £ 142 ($ 174) a week.

About 9% of those people, or 60,000, decided to stay longer in their jobs. The government saves about £ 4.9 billion a year as a result of high tax reforms and low interest payments, which account for 5% of government spending annually on pensions, the IFS said.

“Increasing the state pension age is the government’s consistent response to increasing life expectancy,” said Laurence O’Brien, a research economist at IFS. “But it weakens the domestic budget.”

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