May 30, 2017
We will soon all have to work into our 70s, claims World Economic Forum 0
The retirement age in Britain and other developed countries will need to rise to 70 by the middle of the century to head off the biggest pension crisis in history, according to a report from the World Economic Forum. The world’s six largest pension systems will have a joint shortfall of $224 trillion by 2050, imperilling the incomes of future generations and setting the industrialised world up for the biggest pension crisis in history. To alleviate the looming crisis, governments must address the gaps in access to the pensions system and ageing populations as they are the key sources of the widening pension gap. These are the main findings of the new World Economic Forum report, We’ll Live to 100 – How Can We Afford It?, released today, which provides country-specific insights into the challenges being faced at a global level and potential solutions. The report is the latest study to calculate the impact of ageing populations in the world’s largest pension markets, which include the United States, United Kingdom, Japan, Netherlands, Canada and Australia. The issue has implications for the workplace that are already becoming evident as the working population ages and more people choose to defer retirement.
Nearly half of UK employees are effectively working an extra day per week for free, claims new research from Powwownow. On average, UK workers spend just under seven hours per week working outside of contracted hours – the equivalent of a nine-to-five working day with an hour for lunch – but nearly half of them (42 percent) receive no pay for this extra days’ worth of work. A quarter of UK workers (26 percent) receive their standard pay for any overtime, while a fifth (21 percent) are rewarded with ‘time and a half’. Only 6 per cent receive ‘double time’. Germans get a worst deal though, as employees spend an average of 7 hours and 54 minutes working extra but a huge 61 percent of workers receive no pay at all for this time. Workers in Sweden spend the least time working outside of contracted hours, with only 4 hours and 9 minutes of extra work per week.
HR professionals will, on average, oversee 15 staff with mental health conditions each year, according to new analysis from consultancy, the 
One of the biggest concerns cited by many of those being polled on their views during the General Election campaign has been the high cost of living compared to wages. Now a new report claims that over half (55 percent) of employees are experiencing financial problems, which are affecting their behaviour, relationships and ability to perform at work. Although the nationwide study of the financial wellbeing of UK workers The DNA of Financial Wellbeing 2017 report, claims that nearly a third (32 percent) cite finance as their biggest concern; 66 percent of HR directors, think that financial worries are not of concern to their employees. The findings from Neyber, a financial wellbeing company, shows that 47 percent of workers are borrowing money to meet their basic financial needs, with 25 percent borrowing on a credit card, followed by 13 percent through a bank overdraft and 13 percent borrowing from friends and family. Meanwhile, an increase in so-called zero hour contracts means that nearly half (47 percent) of workers in the North and Midlands have an income fluctuation of more than 10 percent each month.
