The generation of women born in the 1950s were betrayed by the Coalition Government’s decision to accelerate the equalisation of the state pension age, yet the Tories are refusing to support women who’ve seen their retirement plans scuppered.
3.7million women have lost out because of changes they were unable to prepare for, that were imposed upon them by the Tories and Lib Dems. For many, this has caused stress and hardship – something that Boris Johnson dismissed on Friday when he u-turned on his pledge to help those affected.
Labour will compensate 1950s women with a “weekly redress” based on the number of lost weeks of their pension and the amount of time they had to prepare.
With a full weekly redress payment of £100, the average compensation would be £15,400, paid in annual instalments over five years.
Certainty and compensation are long overdue. I welcome this policy and agree with John McDonnell who describes these payments as a “historic debt of honour”. Labour is on the side of the people, and it’s vital we tackle this injustice. – Jackie Schneider