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Old Folks at Home
on monday April 3, the Conservative Party’s new pension scheme comes into force. People earning £9 or less a week will not be directly affected to any extent, but those earning more will feel its impact increasingly. Everyone at the top of the new graduated scale—that is earning £15 or more—will find his pay packet several shillings lighter, unless his employers have made arrangements to “contract out” of the scheme. In return for an increase of over 50 per cent in his contribution, plus subsequent increases already planned for, he will be entitled on retirement to an extra 10½d. a week for every year that he has paid it.
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