Osborne set to raise retirement age to 70 in 'work until you drop' announcement

It is being brought in 15 years earlier than had been expected - it will go up again to 69 by the end of the 2040s and could reach 70 by the middle of the century

Ho ho ho: Santa's got sackful of cuts for laughng Osborne

Millions of people will have to work longer under plans George Osborne will announce today.

The Chancellor is set to raise the retirement age to as high as 70 in moves that will spark outrage across Britain.

Tory Mr Osborne will announce that the state pension age will rise to 68 in the early 2030s.

This move is being brought in 15 years earlier than had been expected.

It will go up again to 69 by the end of the 2040s. And it could reach 70 by the middle of the century.

His plans mean millions of grafters – such as labourers, cleaners and factory workers – will be forced to continue doing their exhausting work and night shifts when they thought they would be putting their feet up.

The “work till you drop” announcement will cause particular alarm for those in manual jobs who do not tend to live as long as people in cushy roles.

Ministers say changes are necessary as the state cannot afford soaring pension costs with life expectancy rising.

A Government source said: “This is part of the Government’s long-term plan to secure a responsible recovery.

“It is a difficult decision to ensure there is a fair deal across future generations and ensure the country can live within its means.

"This will help to make sure the country can offer people decent pensions in their old age in a way that with increasing life expectancy the country can also afford.”

The Chancellor will use his Autumn Statement to announce his changes which come even though the economy is bouncing back from his brutal policies. He will reveal a new rule that will keep ratcheting up the official retirement age.

It will calculate the state pension age on the basis that people on average should spend a third of their adult lives in retirement.

Using this system, the pension age will keep rising.

Mr Osborne’s changes will save taxpayers around £400billion over the next 50 years.

The Government had already announced the state pension age will rise from 65 to 66 by 2020, and to 67 by 2028. These dates will not change.

Life expectancy in Britain has risen by 10 years over the past century to 79 for men and 82 for women.

          Mirror