Plans to Scrap Retirement Age and the impact on Company Formation

Since it has been in power, David Cameron’s coalition government have announced a number of landmark plans, designed to address the budget deficit.

Some have been unpopular with the small business and company formation sector – increasing VAT and Capital Gains Tax – while some have been received positively – National Insurance provisions and the reduction of Corporation tax. Regardless of what you think about the actual policies, it must be said that they are clear examples of strong government, indicating that any fears the electorate had of a coalition being unable to devise strong and decisive policy was unfounded.

Now the Emergency Budget has been announced the government are switching their attention on how best to deal with the UK’s aging population. In a landmark move to help ensure the skills and expertise of people over the age of 60 remain within the workforce; the government have unveiled plans to get rid of the uniform retirement of sixty five.

According to a spokesperson from the Chartered Institute of Personnel and Development, these new plans will redefine retirement and provide a much needed boost to the economy.