In their research report published recently, Oxford University shared that the current UK immigration policy is necessary for the British people or else they might have to see an age increment in the age of state pension.The report also clearly specifies that, if the ongoing migration policy isn’t considered with EU workers for entry allowance then Britons will have to work more than estimated time period in order to cancel out the tax deficiency.
The report has also posted a threat that this may affect the British economy by having a decrement in the total number of working people who will ultimately leave Britain if they become unable to collect a pension.
After the announcement of the Brexit, it’s quite expected that the age for obtaining pension will definitely increase and will cost a huge amount of retirees. In an interview to the Guardian, Sarah Harper mentioned that Brexit has a clear equation for the immigrants and according to that if Britain doesn’t want immigrants then the British people have to work longer than the desired age period.
Basically since the 20th century, UK has allowed immigrants to work in the country just to reduce the ratio factor between present workers and old worker who are on the verge of retiring. Now if Brexit is implemented and there is a halt for immigrant migration for the upcoming five years, then the worker who will be retiring soon might have to work one and a half years more to sustain the GDP rate of the country. She also mentioned that deduction in workers number due to immigration policy will also affect the GDP which were accounted for retirement programs.
Sarah Harper also mentioned that limitation of UK immigration visas could decrease the fertility rate of the country as women having birthplace outside of the Britain but living here possess a much higher birth rate than the women who actually born in Britain. Moreover, she mentioned that going to Brexit will showcase Britain under the same category with other countries like Spain, Italy and Greece who are facing serious social and economic problems due to low birth rate.
CBI director John Cridland stated that Brexit factor will be an issue for making the affordability of pension as an uncertain condition. He also mentioned that Brexit has already affected the migration chart.
In an another statement, Harper said that, Britain relay needs immigrant workers as British people will not be able to work after a certain age and then they do need people who will take care of them.