There is a recent post about Melinda Gates on the 2nd of Oct where she announced $1 billion plan to find gender inequality in the United States. The resources will be used to achieve 3 goals below:
· Break down barriers that hinder women's professional advancement.
· Fast-trace females in fields such as technology and media, and encourage women to run for public office.
· Mobilize people to encourage organizational reforms.
A day later, the British tabloid news broke that “Women lose landmark High Court fight against state pension age rise for millions". The ruling came after years of battles for around 3.8 million women born in the 1950s, who are having their state pension age hiked to 66 by 2020. Nearly these 4million women will not be compensated for the money they lost when the pension age was raised from 60 to 66. The Judges ruled that it was to close the discriminatory practices towards men who currently retire at 66. According to the Guardian, the decision to hike the state pension age with next to no notice didn’t just throw their retirement plans up in the air, it also left many women on lower incomes really struggling to make ends meet. The legislation sees it as equalising a historic asymmetry between men and women and thereby corrects historic direct discrimination against men. However, is this really historic direct discrimination against men as most of these women affected have been caregivers at some point in their lives and have been out of work to provide care while historically many men have not? What are your thoughts?
One of the women affected who is now 65 will have to look for a job to work an extra year if she wants to be eligible for pension next year. She is a grandmother of 3 who had three children of her own and had to miss out on work and income whilst looking after her children. This does not happen with many men. She is now looking for a job as she has bills to pay and has taken her references to every job agency. Below was culled from the Mirror
"I put together every reference I’ve ever had from being 15. I took it into a work agency and I very nicely said to the young lady, look - what chance would you estimate, percentage wise, that I would get a job?
"She looked at me with fear in her eyes and put her hand on my elbow and said ‘I can’t bear to tell you this, but you’ve not got any chance."
I strongly believe that sole dependency on state pension should not be advocated. Women need to start putting some money aside and invest in assets that will generate income whether they work or not. No one should have to feel helpless when it comes to money and their future.