August 2017 – Women Worse Off as Pension Age Increases
The increase to the female state pension age means 1.1 million women are worse off by an average of £32 per week, according to the Institute for Fiscal Studies (IFS).
The report examines the effect of raising the female state pension age on income, poverty and deprivation and finds that following the rise of state pension age for women from 60 to 63 between 2010 and 2016, affected households are receiving about £74 less in state pensions and other state benefits. While the reform has increased employment rates among the affected age group - leading to an average income increase of £44 per week - the average net loss is still £32 per week.
The increased state pension age is boosting employment – and therefore earnings – of affected women but this is only partially offsetting reduced incomes from state pensions and other benefits.
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