Search Results for: state pension age

Higher female state pension age causes an increase in older women at work

Higher female state pension age causes an increase in older women at work

female state pension ageThe number of women aged between 60 and 64 in work has increased by 51 percent since the 1995 Pensions Act came into effect which increased the female state pension age from 60 to 65 since 2010, claims research from Rest Less, a jobs, volunteering and guidance site for the over 50s.

Between October and December 2009, there were 644,674 women aged between 60 and 64 in work. In the same period in 2019, there were 976,376 women aged between 60 and 64 in work – an increase of 331,702 or 51 per cent. This contrasts with an increase of only 127,882 (or 13 percent) in the number of men working aged between 60 and 64 over the same period. More →

Economic inactivity hits record high amongst men aged over 50

Economic inactivity hits record high amongst men aged over 50

Economic inactivity levels amongst men aged 50-64 in December 2021 to February 2022 were the highest since records began, according to new analysis from Rest Less. The firms analysed labour market data from the Office of National Statistics and found that economic inactivity levels amongst men aged 50-64 reached 1.47 million in the latest official figures – the highest they have ever been since records began in 1992. The economic inactivity rate amongst this demographic reached a nine-year high and is now at 23.1 percent. More →

Half of unemployed men aged 50+ out of work for at least a year

Half of unemployed men aged 50+ out of work for at least a year

unemployed menThere were nearly 200,000 men aged 50 and older out of work between September and November 2021 – an increase of 24 percent in two years – and 50 percent of them were unemployed for at least a year, according to new analysis from Rest Less, a digital community and advocate for older people. Rest Less analysed the latest labour market data from the Office of National Statistics to find that unemployed men aged 50+ are significantly more likely to be in long-term unemployment, defined as out of work for at least a year, than any other age group. More →

Age discrimination impacts job prospects of millions of over 50s

Age discrimination impacts job prospects of millions of over 50s

ageA total of 2.99 million recent job seekers over 50 (52 percent) believe their age has made employers less likely to hire them, according to a new report from Legal & General Retail Retirement (LGRR) and the Centre for Economics and Business Research (Cebr). More →

Voices from the age of uncertain work

Voices from the age of uncertain work

A woman crosses on a tightrope, illustrating the problem of uncertain workOn the surface, the wellbeing of the American worker seems rosy. Unemployment in the U.S. hovers near a 50-year low, and employers describe growing shortages of workers in a wide array of fields. But looking beyond the numbers tells a different story. My new book, “The Importance of Work in an Age of Uncertainty,” reveals that some Americans are experiencing an erosion in the world of increasingly uncertain work that is hurting their wellbeing, relationships and hopes for the future. More →

No more cold turkey as part time workforce age rises

No more cold turkey as part time workforce age rises

New data from Rest Less claims that there are 3.4 million over 50s working part time today, an increase of 912,000 in a decade. The UK’s part time workforce age is rising, as is being driven by the over 50s more than any other age group, according to new analysis from Rest Less, a jobs, volunteering and advice site for the over 50s. More →

Mid-life report published to help older workers manage their careers

Mid-life report published to help older workers manage their careers

Mid-life MOT report published to help older workers manage their careersLast year John Cridland published his Review of the State Pension age, and one of his recommendations was for a ‘Mid-Life MOT’ for people’s late 50s and early 60s. Now a joint report, ‘Developing the mid-life MOT’, published today by the Centre for Ageing Better, outlines the response by industry to the review’s call for a better way of supporting people in their 40s, 50s and 60s to think about their careers and future lives. The report presents case studies of different approaches to the ‘mid-life MOT’ being tried out by Aviva, Legal and General, The Pensions Advisory Service (TPAS) and Mercer and offers insights to other employers thinking about introducing similar support for their own workers. The report suggests it is important that a mid-life MOT is the start of an engagement process, with participants signposted and encouraged to take up further support. Mid-life MOTs need a clear purpose that is understood by all stakeholders and participants.

More →

Three quarters of employees now expect to work beyond age of 65

Three quarters of employees now expect to work beyond age of 65

The proportion of UK employees who say they will work beyond the age of 65 has remained at three-quarters (72 percent) for the second year running, significantly higher than in 2016 (67 percent) and 2015 (61 percent), according to research from Canada Life. Nearly half (47 percent) of those who say they expect to work beyond 65 will be older than 70 before they retire, up from 37 percent in 2017, while almost a fifth (17 percent) expect to be older than 75. Workers aged 35-44 are most likely to say they expect to retire after their 75th birthday (27 percent).

More →

The key to tackling future economic challenges is to harness the ageing workforce

The key to tackling future economic challenges is to harness the ageing workforce

Providing American seniors with better work incentives and opportunities will be crucial for the United States to meet the challenges of its rapidly ageing population. By 2028, more than one in five Americans will be aged 65 and over, up from fewer than one in six today, according to a new OECD report. Working Better with Age and Fighting Unequal Ageing in the United States finds that employment rates among older workers in the United States are above the average across OECD countries. In 2016, 62 percent of all 55-64 year olds were employed compared with the OECD average of 59 percent. However, employment rates are much lower among the ageing workforce. Early retirement is prevalent among workers from vulnerable socio-economic backgrounds, often occurring as soon as Social Security benefits become available at age 62. Poverty among seniors is a challenge: more than 20 percent of peopled aged 65 and over have incomes below the relative poverty line – defined as half of the median disposable household income – compared with the OECD average of less than 13 percent.

More →

Growing numbers of people remain in employment past retirement age

Growing numbers of people remain in employment past retirement age

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.

More →

Review advises employers should devise elder care policies as pension age increases

Review advises employers should devise elder care policies as pension age increases 0

Review advises employers should devise elder care policies as pension age increases

A review of the state pension age (SPA) led by former Confederation of British Industry (CBI) director general John Cridland has recommended that the State Pension age shouldn’t rise to 68 until between 2037 and 2039 and should not increase more than 1 year in any 10 year period. The report has also advised that all employers should have elder care policies in place which set out a basic care offer and that people should be able to access a mid-life career MOT and review which should be facilitated by employers and by the government using online support and through the National Careers Service. Commenting on the report, which will be considered before any decision is made on changes to the State Pension age timetable after 2028, the Centre for Ageing Better has welcomed its recommendations on wider actions to mitigate the impact of bringing the timetable forward for increases to the State Pension Age.

More →

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

 

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.

More →

Translate >>