Prime Minister and Team Look to Revamp Pensions reports UK Contracting
New plan to help women, self-employed, and lowest bracket; burdens the high-earners
Cameron stated he he wants the coalition's review to prove that the current Tory-Lib Dem partnership has a proper vision of Britain beyond simple austerity. He also stated he wants the midterm report to provide the progress of the plan of the parliament.
At the program's core is a commitment to introduce a single-tier state pension that allows for $170 per week, removing the complex multi-layered system that the state currently provides in order to dole out benefits.
Iain Duncan Smith, who sits as the welfare secretary, has been busy debating George Osborne, the Finance Chancellor. Allies to Duncan Smith state that a deal has been struck with the Treasury.
The Government's officials have stated that key elements of the package is a planned commitment that will raise the pension age to fit the life expectancy increases. That rise will allow the government to keep a lid on the high level of costs of the scheme.
The section of the populous that will stand to gain the most are women, self-employed, low earners, or a combination of all three. Those who are high earners, and already pay into the second state pension, would be the biggest losers in the deal.
Duncan Smith and his team state that while the higher earners of society will lose out a bit, they will not lose on what they already earned under the present, and soon to be past, system.
Cameron and Clegg are simultaneously attempting to recommit to the sorting of Britain's social care system of the elderly, though Mr. Osborne seems to harbor particular concerns over the potential costs.
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