Pension inequality campaigners welcome Labor’s commitment to compensate almost four million women who lost their pension payments for years. The payments, estimated at £ 58 billion, will pay the historical honorary debt to women born in the 1950s by Shadow Chancellor John McDonnell. Women Against State Pensions Inequality (Waspi) has been promising to make an effort to prepare the changes brought about by the previous coalition government. The promise was accompanied by a lengthy campaign.
While the DWP maintains the reforms agreed more than twenty years ago have been “clearly communicated.” Some women say they’ve had to empty their savings, sell their homes or get financial support from their children.
For Friday night’s BBC Question Time special, Boris Johnson was challenged by one of the women in the studio audience. The Prime Minister said he couldn’t promise to magically increase this money for them, although he sympathized deeply.
Debbie de Spon from Waspi confirmed in a statement that Waspi was satisfied with the Labor Party’s pledge to tackle the financial inequality of 3.8 million nineteen-fifty-year-old women who were not properly informed about improvements to the State Pension Age.
On top of this, many other kinds of money problems have been faced by women who have retired. Some of the problems they have faced have been written under.
After speaking to a couple of women, from the 1950s, who said that they were affected by emotional stress and financial problems due to a lack of state pension equalization. During their 60s, many had to find jobs to help them hit their ends until they could get their pension.
The national pension age for both men and women has already reached 65 and is now approaching 66. At last, for both men and women, the age will be 68, which means that both sexes may have to work even longer.