Press release

Saga reminds Chancellor “Don’t forget over 50s” – as Budget looms

Monday 10 March 2014

Over-50s specialist Saga has called on the Chancellor to bin Employers National Insurance on the long-term unemployed and allow older savers greater flexibility with their ISAs – ahead of the Budget on 19th March.

Paul Green, Saga's director of communications, described Employers NI as a ‘jobs tax’ that hampers the long-term unemployed from getting back into work – a problem that often affects people over 50. And he also urged George Osborne to let savers invest their whole ISA allowance in cash.

He commented: "Long-term unemployment is a real burden on the over 50s who find getting back into work a bigger problem than any other age group.

Saga is also calling for a change in ISA rules to allow older savers the flexibility to use the whole ISA allowance for cash deposits, rather than having to invest half in shares as many older savers prefer cash savings.

"Providing flexibility would provide a much needed boost for those who did the right thing and saved, and now find their savings income slashed," Paul said.

The Government previously recognised the importance of saving for older people by providing a higher ISA allowance for the over 50s.