LONDON, July 18 (UPI) -- Britain's CBI said in a report the retirement age should be increased to 70 in exchange for a bigger state pension, the BBC reported.
The business organization's report on the future of pensions said the rise would help low-paid workers.
It wants the change introduced between 2020 and 2030 and also urged firms and staff to put more into company schemes. The CBI said its plan would see around 7.1 percent of GDP being spent on pensions by 2050, compared with 6 percent now.
Regarding company pensions, the CBI said that new employees should automatically be opted into the schemes, as this was the best way of increasing take up among staff.
Yet it rejected calls from the TUC to make it compulsory for both companies and individuals to pay into a pension scheme, saying this could lead to some firms actually reducing their contributions to the legal minimum.
