I don't get it. I know the argument is that it reduces exchequer pension costs by keeping people in employment longer.
Is that it ?
What about reducing retirement age ?
Generally, older staff will carry higher wage costs due to being further up the ranks.
And naturally, increased age leans towards increased health costs and sick leave costs.
So why postpone the inevitable retirement of these people when it seems they're not particularly happy about it.
Would it not make more sense if
- These guys retired at the established age.
- The system eventually moved everyone up one notch to replace them.
- Then some bright young people get a job, a career and a life.
The economic equations don't make any sense to me on this subject. Nor do the social equations.