Latest news with #pensioners
Zawya
13 hours ago
- Business
- Zawya
Cape Town's $125mln debt relief plan: A lifeline for millions facing financial hardship
The City of Cape Town has approved a substantial R2.2bn debt write-off for qualifying residents in its 2025/26 budget to provide economic relief and improve the metro's financial sustainability. Despite achieving a high annual collection ratio of 97.83% as of 30 June 2025, the City recognises the need to assist residents facing financial hardship. The write-off applies to municipal debts outstanding up to 30 June 2024. Eligible beneficiaries include owners of residential properties valued between R450,000 and R7.5m. Additionally, the relief extends to indigent households with zero property valuation, income-based indigent customers, pensioners, social-grant recipients, and various community-focused institutions such as cemeteries, crematoria, non-profits, animal shelters, facilities for vulnerable groups, local museums, old age homes, public benefit organisations, social housing, and youth development organisations. This initiative aims to ease financial burdens while supporting the city's fiscal health. - Residential properties valued between R450,000 and R2.5m may qualify for a full 100% write-off on arrears older than one year. - Properties valued between R2.5m and R7m can receive up to a 50% reduction on debt older than one year. - Low-cost housing and indigent households earning less than R3,500 per month are eligible for complete debt cancellation. This programme requires owners to commit to a payment arrangement for their current and future accounts. If the payment arrangement is not maintained, the previously written-off debt will be reinstated. Says Siseko Mbandezi, Mayoral Committee Member for Finance at the City of Cape Town: "We have said those with property valued from over R500,000 to up to R2.5m would qualify for a 100% write-off and those with property valued over R2.5m and up to R7m would also qualify for a reduction of up to 50% off of their debts. That on its own shows the commitment to also assist those who are in the middle income households with financial difficulty." All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
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The Independent
17 hours ago
- Business
- The Independent
‘Work until we die?' Independent readers outraged over retirement age review
Liz Kendall's announcement of a new review into the state pension age has drawn a strong response from readers, especially older workers and pensioners who feel increasingly squeezed by reforms they see as both unfair and unrealistic. Many took issue with the idea of raising the retirement age again, warning that it fails to account for physical decline, especially among manual workers. 'My knees have packed in,' said one 73-year-old, who retired at 65 after a lifetime of physical labour. 'There's no way I could keep doing the work I used to.' Several readers questioned Ms Kendall's assertion that future pensioners should take heed and save more, with many pointing out that saving is only an option for the wealthy or those with disposable incomes. A recurring theme was frustration at a system seen to punish those who had 'done everything right' – saving into private pensions and paying contributions, only to be left with little support. 'He told me to retire penniless,' another reader said of her father's bitter advice, 'because then you get everything.' A few commenters looked to the future, suggesting that instead of clinging to outdated models, the government should explore policies like basic income to address the long-term impacts of AI and inequality. Here's what you had to say: Pensioners don't drain the system Pensioners are nearly always referred to as if they're draining the system of something they're not entitled to. Forgotten is the fact that most of them worked until 65 and paid what was due until they did. As we now know, it doesn't protect them from poverty in old age. Only those with private pensions, which are also subject to taxation that wasn't foreseen when many set these plans up, have enough to cover basic costs. Saving? How does the average worker do that? They can hardly afford to put food on the table and get by. Take more money out of people's pockets, which cuts spending, and even more high streets will become derelict and industries will fail. Increasing retirement age? A friend died at 69 recently, and another at 72 (neither were manual workers). Increasing retirement age for manual workers would be cruel as well as disastrous, or are people supposed to work until they drop? Too many pensioners are having to desperately look for jobs to boost pensions that don't enable them to eat and heat. Maybe it's time the government took a look at some of the systems that work in other countries! Quick-fix ideas aren't the solution. A system fit for purpose, where everyone pays their fair share and people can retain their dignity and are able to live without having to calculate how and if they're entitled to benefits or charity to get by, is the only sensible way forward. Will it happen? I would lie if I said I was optimistic! Ambigirls Do you think the state pension age should rise — or is it already too high? Share your thoughts in the comments below. Reform, not tinkering There are issues with the triple lock, but the savings narrative is a fiction. As people (particularly working-class people) approach 70, they are more likely to find themselves unable to find suitable employment or be underemployed. So they will require working-age benefits. It is not difficult to imagine that there would also be increased costs on the health system as ageing bodies are required to work more and more. Further, it is likely that around one-third of millennials will end their working lives in the private rental sector, so housing support will be required at greater levels. We cannot keep tinkering with these systems just to balance the books on paper. We must reform the tax code and the social security net to make both fit for the modern age. lostboy88 Punished for saving My dad saved, paid into private pensions and paid his contributions. He was never unemployed and did everything the government asked him to do. When he retired, he found to his disgust that he was entitled to very little from the state – effectively punished for having saved, etc, whilst others who contributed nothing were given everything by the state. That's socialism. He told me to never make his mistake and ensure I retired penniless to get the maximum back from all I had paid in. saghia Work until we die? OK, so here we have the result of all those people who wanted to avoid benefits cuts. The alternative is for working people to work longer. Some benefit cuts were needed, in my opinion. And before anyone suggests a 0.2 per cent tax on billionaires – whether we like it or not – they can leave the UK, fly in from time to time if they really want to, and then we'd lose the huge amount they do pay in tax. What then? Work until we die? Ordinary people are paying for a few too many freeloaders, in my opinion. Where is the sympathy for non-unionised people who work and pay tax? Hi5 Saving is not the answer Saving? Saving is NOT the answer. If we try to save more, we spend less. If we spend less, businesses sell and make less, so they invest less... just the opposite of what we need to increase the output needed to pay pensions. It is a good example of the confused thinking that affects so many people. An individual who saves more will have more to spend in retirement than they would otherwise have. If we all try to do that, we are all worse off. What is right for an individual is often not right collectively (wet wipes, panic buying, burning smoky fuel, saving for retirement, etc). The Fallacy of Composition. much0ado People aren't saving because they can't People aren't saving because they can't – it's that simple. There is no money left at the end of the month to save anything because of the cost of living. A large majority of people are having to live pay cheque to pay cheque with no slack. Unless something is done about that, then there is a huge problem being stored up for the future, let alone Reeves saying she was going after people's savings!! deadduck Gross inequality is the root of our problems The government can't simply keep increasing the state pension age for one reason: some people become physically incapable of working when they get a little bit older. Asking a manual worker to keep digging holes when he's nearly 70 is absurd. The government needs to deal with tax evasion and avoidance, including offshore. I'd also introduce a land value tax, which forces the wealthy to pay their share. Gross inequality is the root cause of many of our societal problems, and it's time it was addressed. You don't deal with it by taxing working people more – you tax the ultra wealthy who pay basically nothing. flying scot It makes sense to raise the pension age People are largely living longer because of better living conditions, nutrition and healthcare. For example, I'm now much older than all my grandparents were when they died. Although the most vulnerable must still be cared for, it makes sense to raise the pension age to reflect this change in society – it is the 21st century rather than the 1900s... hayneman Onsalught on working-class people I'm 73, retired at 65 and did manual work most of my life. My knees have packed in, and the rest of my body is slowly packing in now – there is no way I am able to do the sort of work I did when I was younger, and haven't been able for well over 10 years now. This is the case for many manual workers. How can Kendall, Reeves, Streeting, Starmer etc. call themselves a Labour government with this continual onslaught on working-class people? The trade unions should withdraw support and funding immediately and advise their members to place their votes elsewhere, preferably not in Farage's direction, though. manwithnoname The future looks unpredictable We must bear in mind that the relentless march of AI and other systems is considerably reducing the number of jobs in many sectors dependent on 'exchanges of data', from simple insurance to DVLA or HMRC, for instance... The list is endless. How can these workers be 'recycled' in the short term? How do we ensure that those mythical 16-year-old voters HAVE some employment to look forward to after finishing their studies, at whatever level? Importing 'low-grade' labour is eating into the job supply at the bottom end, while all those 'surgeons and engineers' cream off the top end... The future looks unpredictable for too many youngsters. Problems must be addressed now! Failure to do that will make the triple lock – an invaluable resource to many pensioners still – look like change from the back of the sofa... YvesFerrer These reviews are so detached from people's realities Financial literacy is not taught in schools. I suspect a large proportion of people who are not planning for retirement don't understand money very well. Also, a huge number of people don't have enough disposable income to save at a level that would give a comfortable retirement. You need, in current terms, around £300,000 to £500,000 in private funds. That is for someone who owns their own home. If you retire but have to still pay for rented accommodation, you've got no chance. These reviews are so detached from people's realities. After paying tax and National Insurance for 50 years, I get my State Pension next year – and I will be paying income tax on it :) Lithiumiron Some of the comments have been edited for this article for brevity and clarity.
Telegraph
a day ago
- Business
- Telegraph
Labour's treatment of pensioners hardly encourages workers to save
SIR – It appears that, despite various forms of compulsion, too few people are saving enough to keep themselves comfortable in their old age. At the same time, the Government is said to be considering raising funds through additional taxation for those of us who have saved or are saving enough ('Treasury leaves door open to tax raid on pensioners', report, July 21). This seems particularly cynical coming from a class of politicians and civil servants enjoying unfunded, gold-plated pensions. Digby Harper Benson, Oxfordshire SIR – Raising the state pension age (report, July 21) would be grossly unfair on people in their fifties and sixties who are trying to plan for retirement. The sight of the sunlit uplands slipping further and further into the distance would be very disheartening for those who are already finding it difficult to build their retirement pots and, indeed, often having to draw down from them. A fairer and simpler option would be to abolish the triple lock and substitute an automatic annual adjustment for inflation. Donald R Clarke Tunbridge Wells, Kent SIR – If young people are to be encouraged to start saving for their retirement, pension companies need to provide better returns on their investments. Historically these have been poor. Jack Marriott Churt, Surrey SIR – Daniel Johnson (Comment, July 21) writes: 'Baby boomers, the story goes, stole their children's (or grandchildren's) future.' It is not we boomers who are doing this. It is the Government, with its increased taxes on inherited wealth. And now it wants to tax us even further before we go. Hasn't it occurred to the Chancellor that she can't take the same money twice? John Godfrey Hitchin, Hertfordshire SIR – I don't disagree with Roger Bootle ('Britain must stop subsidising pensioners to save the NHS', Business, July 21). However, I would argue that the NHS should first do more about tackling avoidable waste. I recently requested some spare tubes for my hearing aids (audiology is free on the NHS) and they arrived in a small Jiffy bag weighing less than 100 g. If sent by second-class post, this would have required a large letter stamp costing £1.55 – so I was shocked to see that the package was franked 'Small parcel: £4.99'. If this was not a one-off error, imagine how much it is costing nationwide.
Times
a day ago
- Entertainment
- Times
The perils of becoming a househusband
Walter Schmidt and his wife, Barbara, have been married for 52 years. Their shared existence runs along well-developed grooves. Herr Schmidt, as he prefers to be known, is a curmudgeonly, self-congratulating old man, who was in his working days the 'king of overtime' but now spends most afternoons in an armchair, watching television and counting down the minutes until his next meal. Barbara is his ever-patient companion and, depending on the time of day, his alarm clock, barista, dog walker, secretary, laundress and private chef. 'Whatever she'd done before they met was hardly even worth mentioning.' Early one Friday morning the settled life of the two German pensioners hits a snag. Barbara has a fall in the bathroom and bashes her head. She makes no fuss. Herr Schmidt, who is cross that his usual coffee has not been prepared ('his nostrils flared longingly, missing the familiar aroma') finds her sprawled across the tiles and ushers her back to bed.
The Independent
4 days ago
- Business
- The Independent
DWP issues scam warning over text claiming to help with energy bills
The Department for Work and Pensions (DWP) has urged people to be wary of scams from fraudsters pretending to offer financial support from the government. Due to the range of benefits and financial support on offer from the department, it is often impersonated by scammers looking to take advantage of people's financial situations. The most recent scam text people are receiving invites the recipient to apply for an 'Energy Support Scheme' to help with the high cost of gas and electricity. There is no scheme currently offered by the DWP under this name, although some support with energy bills is available for eligible households. The department advises anyone wary of a text they have received to report it via the government's 'Stop! Think Fraud ' campaign. Official guidance from the scheme reads: 'Nobody is immune from fraud. The criminals behind it target people online and in their homes, often emotionally manipulating their victims before they steal money or personal data. 'But there is something we can do. By staying vigilant and always taking a moment to stop, think and check whenever we're approached, we can help to protect ourselves and each other from fraud.' The warning is the second made in two weeks by the DWP over fraudulent texts, as scammers continue to try and target vulnerable people. Last month, a widespread scam attempt targeting vulnerable pensioners was carried out as fraudsters looked to take advantage of recent changes to the Winter Fuel Payment. Although pensioners now don't need to do anything to receive the payment, many reported seeing texts asking them to send financial details before an urgent deadline to receive their payment. For those struggling with energy bills, there are a number of government-backed scheme available. The first is the Warm Home Discount, which will provide six million low-income households with a one-off £150 taken directly from their energy bills this winter. This is up from four million last year following a recent rule change. Certain households can also take advantage of the Household Support Fund, administered by local authorities. Councils have freedom to administer this how they see fit, but many offer support with energy bills through the fund. Eligible households must contact their authority to apply. Alongside this, a number of energy suppliers offer help for those struggling with their energy bills. These include British Gas, Scottish Power, EDF, and Octopus. Again, those interested usually need to get in touch to find out what is on offer.
