|Today, Labour has pledged compensation packages for millions of women hit by state pension age rises imposed by the Tories.
Pay-outs of up to £31,000 will be made, with an average payment of £15,000, Shadow Chancellor John McDonnell will announce.
The scheme will be delivered within Labour’s first full five year term of government. Payments will go to women born in the 1950s who had their state pension age hiked.
David Cameron’s coalition government presided over a change in the law that increased the women’s state pension age to 65 in November 2018 – followed by 66 in October 2020.
Labour would introduce a compensation scheme for the 3.7million women hit by the changes, which Cameron’s Tory-Lib Dem government imposed in 2011.
Labour would ensure the women received annual phased pay-outs over a five year period.
We’ve prepared a scheme to compensate these women for a historical wrong. It’s one that they were not been able to prepare for and for which they’ve had to suffer serious financial consequences for as a result.
Some of them have been hit by a combination of poverty and stress, having lost out on what they had contributed towards. These changes were imposed upon them by a Tory-led government. So we have a historical debt of honour to them and when go into government we are going to fulfil that debt. We will introduce it as rapidly as we probably can and we will try to ensure the payments are made promptly.
It’s a five year scheme and they will get their redress over that five year period.
This is a basic principle of justice that we have to adhere to as a government and we are hoping that people will appreciate the sense of injustice and anger that these women feel about the changes that were imposed upon them.
This election is a once-in-a-generation chance to rebuild and transform our country. The future is ours to make. It’s time for real change so that no one is held back, and no community is left behind.