The FT has learned about the decision to postpone the increase in the retirement age in Britain

The UK authorities have postponed plans to raise the retirement age to 68. This was reported by the Financial Times, citing government sources.

Now in the kingdom, both women and men retire at 66. The reform was planned to be carried out in 2037-2039. The ministers decided to delay the decision due to a possible backlash from middle-aged voters - that is, those who will reach retirement age by the time the changes come into force.

Former Undersecretary for Labor and Pensions Steve Webb attributed the decision not to raise the retirement age to the decline in life expectancy due to the COVID-19 pandemic . “The improvement in life expectancy at retirement that was predicted at the time of the last revision [of the retirement age] has not happened,” he said.

The authorities estimate that by the beginning of the 2027/28 financial year, pension spending in Britain will grow by about $50 billion, from $134 billion (2022/23) to $181 billion. According to another former minister, Ros Altman, these estimates may be inflated due to -for incorrect calculations of life expectancy.

In March, the pension reform was approved by the French Senate. The bill provides for an increase in the retirement age from 62 to 64 by 2030. Pension reform is one of the main ideas of President Emmanuel Macron, it has become part of the bill on the financing of social security.

The decision sparked strikes and protests. Because of them, transport and the work of an oil refinery stopped in the country, schools were closed. The number of protesters exceeded one million people.