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Tesco is first to raise retirement age

CHANGES: Tesco becomes first to raise retirement age - Workers will reportedly be able to work until age 67

TESCO HAS reportedly become the first British company to announce it will raise the retirement age to 67.

The supermarket giant may ask more than 170,000 employees to work an extra two years in order to qualify for the maximum entitlement on their pensions.

Tesco has reportedly planned to bring the changes in as soon as June 1, arguing that the decision was necessary as life expectancy rates continue to rise.

A Tesco spokesman told Ananova: "Because people are living much longer pensions cost much more to provide. These changes make our defined benefit scheme sustainable."

The news comes after the company announced that they are to create 20,000 jobs in the UK over two years by improving and opening stores.

The new positions will include full and part-time roles, as well as apprenticeship placements for new employees, the supermarket giant has reportedly said.

Prime Minister David Cameron called the announcement a 'massive confidence boost for the UK economy'.

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