In the past, many pensioners struggled with daily living expenses because of the payments they were receiving from previous employers. However, these days the average pensioner may even find themselves in a better position than many workers who have to compete with the rate race on a daily basis. A survey showed that in 2014, a median pensioner was earning just under 400 pounds a week. This is compared to employees who were working a week for a few pounds less.
In addition to that, the person who goes into work every day obviously has more expenses compared to a pensioner who doesn’t have to look after family members anymore. Housing prices have soared over the last couple of years. Older folks would have been thankful that this is now paid off. However, the average worker often has to resort to renting a home. This is obviously going to set a person back and lead to more stress in their lives. Most pensioners would have paid off their homes.
They would have a good standard of living. In the past, pensioners were poor, often on a strict budget. There may have been times where there was no food in the home and they had to make do with scraps. It is important that older people have these benefits. However, on the flip side of the coin, there is always the debate that the average worker will have so many additional expenses to pay.
On top of that, they may think, that it is unfair that they have to pay a percentage for the benefit in the increase of housing prices. Pensioners often argue back, saying that they have worked hard all of their lives, been in the same position, paid huge expenses while raising a family at the same time. They may argue that this is their time to earn the rewards which they have put into the company day after day of their lives.
However, one may also wonder whether what pensioners are paid is above what they need to live on a day to day basis. There may be other factors to take into consideration as well when looking at what is important to the state. An example of this is child poverty which can continue to escalate should money not be used effectively. A lot of pensioners are paid so well, that they don’t know what to do with their earnings.
A lot of these individuals simply give the money away to their children in order for them to live a better life. Employers may need to ask themselves whether more of a balance should be achieved with the status of the pension in the United Kingdom.