Search Results for: retirement

Major surge in people working past retirement age … matched by rise in age discrimination claims

Major surge in people working past retirement age … matched by rise in age discrimination claims

by • News, Workplace

with the number of older people in the workplace growing, employers need to be more proactive to avoid age discrimination and prevent conflicts from developing between workers of very different generationsNew research by specialist employment law firm Littler, based on 2024-25 data from HM Revenue & Customs, suggests there has been a 12 percent rise in the number of people working past retirement age over the past five years up from 1.39 million in the year to March 31 2020-21 to 1.56 million in the year to March 31 2024-25. The firm claims that, with the number of older people in the workplace growing, employers need to be more proactive to avoid age discrimination and prevent conflicts from developing between workers of very different generations. Although these conflicts are often seen as just workplace ‘banter’ they can cross the line to the point an employee feels they have been unlawfully discriminated against. For instance, where workplace ‘jokes’ have a repeated ageist element or stereotypes about young or old people stray into being seen as unlawful harassment. (more…)

Is retirement no longer an option for many people? This report thinks so

Is retirement no longer an option for many people? This report thinks so

by • News

More than two-thirds of UK adults believe that retirement in their 60s will soon be a thing of the pastMore than two-thirds of UK adults believe that retiring in their 60s will soon be a thing of the past, according to new research from Canada Life. The findings, released in the company’s inaugural Life100+ report [promotional content], claims to highlight shifting expectations as people prepare for longer lifespans, with retirement plans and financial security becoming major concerns. (more…)

Older people less keen on early retirement than younger generations

Older people less keen on early retirement than younger generations

by • News, Workplace

Early retirement is a specific life goal for 65 percent of working-age adults around the world, with 70 percent of Gen Z employees (the highest proportion of any generation) actively working towards this aspirational goal. This compares to just 51 percent of the over 55s.Early retirement is a specific life goal for 65 percent of working-age adults around the world, with 70 percent of Gen Z employees (the highest proportion of any generation) actively working towards this aspirational goal. This compares to just 51 percent of the over 55s. The findings appear in a new study, commissioned by nudge Global, into the financial wellbeing of 11,577 working-age adults from 17 countries around the world. (more…)

Rise of grey entrepreneurs: 1 in 10 Brits would like to start their own business in retirement

Rise of grey entrepreneurs: 1 in 10 Brits would like to start their own business in retirement

by • News, Workplace

Aviva’s Retirement Reality Report claims that for some people retirement is a time when they would like to travel (47 percent), take up a new hobby or continue with old ones (29 percent). However, many think retirement is also a good time to start their own business. That’s according to a survey of 2,010 UK employed adults, aged 22-65 years, conducted on behalf of Aviva by Censuswide. (more…)

Growing numbers of people remain in employment past retirement age

by • News, Workplace

Both men and women are increasingly staying at work beyond the state pension age, UK government figures show. Data published by the Department for Work and Pensions (DWP) reveals that the average retirement age for men has now risen to 65.1 and for women 63.6. Over a twenty year period, this marks an increase of around two years for men and nearly three years for women. In both cases the average retirement age is now higher than the state retirement age. Some 10 percent of over-65s are currently in employment, according to the DWP data. However, the data also suggests that men are still retiring at an earlier age than they were in the 1950s, which is the starting point for the study.

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Almost half of over 55s will work past retirement age, but need bosses support

Almost half of over 55s will work past retirement age, but need bosses support 0

by • Flexible working, News, Wellbeing, Workplace

 

A majority of older workers (55+) in the UK are bracing themselves to continue working until they are 70 years old, but three quarters of employees don’t think employers are doing enough to support them, according to new research by the CIPD. In a survey of more than 1,600 UK employees, more than a third (37 percent) believed that they will have to work past the widely accepted retirement age of 65, a figure which jumps to 49 percent among workers over 55 years old. Among those who predict they will work past 65, the average age they expect to actually retire is 70. The most common reasons for employees wanting to work past 65 the belief it will keep them mentally fit (32 percent), followed by a desire to be able to earn enough money to continue to enjoy themselves. However, the research has also found that many employers aren’t doing enough to support older workers in the workplace. Just one in four (25 percent) employees believe that their employer is prepared to meet the needs of workers aged 65 and over, demonstrating how much work organisations need to do in order to prepare for the increased numbers of older workers in the workplace.

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Working significantly past the state retirement age is a threat to recruitment and retention, claims study

Working significantly past the state retirement age is a threat to recruitment and retention, claims study 0

by • News, Wellbeing

Rising numbers of employees working past traditional retirement ages is a potential threat to recruitment and retention, new research from employee benefits consultancy Portus claims. Its study of 103 HR executives and 1,043 employees claims 41 percent of HR managers believe they face looming problems in retaining and recruiting new staff if existing employees are unwilling to retire or can’t afford to. Employment data shows 1.19 million over-65s are still working – slightly down on the 1.202 million peak at the start of 2015 – but still nearly double the 635,000 over-65s in the workforce in 2006. Working past 65 is increasingly seen as an option by employees, the study claims. It found just 29 percent of employees have ruled out working past 65. Younger workers – who face higher state pension ages – are the most likely to work past 65 with just 23 percent of those aged 25 to 34 saying they will definitely stop work by 65.

Level of wellbeing higher for those who ‘wind-down’ into retirement

Level of wellbeing higher for those who ‘wind-down’ into retirement 0

by • Flexible working, News, Wellbeing, Workplace

New research into the effect of retirement on wellbeing commissioned by The What Works Centre for Wellbeing claims that those who gradually reduce their working time with more flexible hours improve their levels of wellbeing. The study looked at all existing research and found that part-time working towards the end of our careers improves life satisfaction. It advises that employers should support older workers to ‘wind-down’ into retirement with bridging jobs or reduce their working hours to avoid poor wellbeing, a new international study reveals. However, the research highlights that this depends on whether employees had control over when they retired, rather than being forced out through ill health or restructuring. If people take up bridging jobs because of financial strain, their wellbeing drops. Even after accounting for income and health, wellbeing is higher for those who have control over the timing or plan for their retirement, and voluntary retirees derive greater pleasure from free time in retirement. On the contrary, wellbeing is lower for those who are involuntarily retired, especially due to health reasons.

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Growing number of people past retirement age still work to boost income

Growing number of people past retirement age still work to boost income 0

by • Legal news, News, Wellbeing

grey poundFor all that everybody bangs on about Millennials, it’s increasingly apparent that the workforce in most nations is actually getting older and that it’s not just Governments who are keen to keep older staff in work, but also people themselves. A new study from MetLife based on Government data claims that nearly one in seven over-65s in the UK are boosting their retirement income by working, earning around £296 in addition per week. The data suggests that the numbers of over-65s working has increased from just 8 percent of the pensioner population to 13 percent in the last ten years, the equivalent of 1.1 million people.  Median earnings from working are £296 a week adding up to annual pay of nearly £15,400. The need to keep working is underlined by the continuing squeeze on saving and investment income, which generates just £312 a year for pensioners on average. The proportion of pensioners earning money from investments has dropped from 72 percent in 2004/05 to around 64 percent now. Around 72 percent of all pensioners have private or company pensions compared with 66 percent a decade ago.

China raises retirement age as workforce set to fall by a quarter by 2050

China raises retirement age as workforce set to fall by a quarter by 2050 0

by • Flexible working, News, Property, Workplace

A rapidly ageing workforce is not just a challenge for Western economies. The government of China, the world’s second largest economy, has announced that it expects its workforce to decline by nearly a quarter (23 percent) between now and 2050 as the population ages and more and more jobs are automated. The Government is now considering raising the retirement age from 59 to 65 ahead of an anticipated sharp decline in the numbers of people of working age after 2030, according to the Ministry of Human Resources and Social Security.  A spokesman for the ministry forecast a fall of 211 million people of working age to 700 million by 2050. China’s demographic challenge is mirrored in many countries but has its own characteristics thanks to its strict and controversial decades-long ‘one child’ policy‘ which it lifted last year. The country now has 220 million people over the age of 60, accounting for over 16 percent of its total population at the same time that its previously stellar economic growth has shown signs of slowing.

Employers get flexible as retirement age for baby boomers draws closer

Employers get flexible as retirement age for baby boomers draws closer 0

by • Flexible working, News, Workplace

RetireNearly three quarters (74 percent) of finance directors are concerned that the skills gap resulting from widespread retirement of baby boomers will have a negative impact on their organisation over the next two years and an even higher proportion (77 percent) say that the departure of older workers will have a negative impact over the next five years. The new research from Robert Half UK reveals that UK employers are anticipating a significant skills gap when baby boomers retire over the next two to five years and are already taking steps to mitigate the risk.  Baby boomers represent a bulge in the workforce that will soon be at retirement age so not only will employers need to consider the impact of the skills shortage that this mass-departure will create, but they will also have to accommodate different demands and expectations from younger Generation X and Y workers coming to replace them.

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Quarter of workers want flexible contracts when they reach retirement age

Quarter of workers want flexible contracts when they reach retirement age

by • Flexible working, Legal news, News, Workplace

Quarter of UK workers expect flexible contracts past traditional retirement age A quarter (28 percent) of UK workers expect their employer to create a part-time or flexible role for them once they reach the state pension age, according to new research from Aegon. Workers in healthcare (40 percent) administrative (31 percent) and engineering and manufacturing sectors (32 percent) are most likely to expect their employer to create a flexible role for them, while those in the creative arts and design sector (32 percent) are more likely to become self-employed and start up their own business. Nearly two thirds (61 percent) are planning to carry on working if they haven’t saved enough by the time they hit their target retirement age; with more than one in three (36 percent) planning to continue working in their current role until they have enough saved; while one in ten (9 percent) expect to become self-employed.

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