Search Results for: retirement

July 12, 2017

The world has its say on the Taylor Review into modern working practices ⁰

by Mark Eltringham • Features, Flexible working, Legal news

Yesterday, the much-awaited Taylor Review into modern working practices was finally published. And by modern working practices, the report focussed primarily on what has become known as the gig economy. People have been speculating about the contents of the report for months and things ramped up last week after a partial leak to the media. So, things were already bubbling under nicely before the actual publication of the document brought things to a boil yesterday. Assuming the government do more than kick the whole thing into the long grass, always a possibility, debate will continue for a while. We’ll let politicians do their thing with it, but here are a few of the initial reactions from interested parties and the experts. (more…)

June 29, 2017

Self-employed would value receiving sick pay above other benefits ⁰

by Neil Franklin • Flexible working, News

UK micro-business owners and freelancers would be more interested in receiving sick pay than any other statutory benefit, according to new research carried out in collaboration between cloud accounting software firm FreeAgent and The Freelancer & Contractor Services Associatio n (FCSA). A poll of nearly 900 UK micro-business owners conducted by FreeAgent and FCSA claims that sick pay provision is the benefit that self-employed workers would most welcome, coming way ahead of other benefits such as maternity pay, job seekers allowance and pension auto-enrolment. The survey claims that 76 percent of respondents currently do not have any method of providing sick pay, maternity/paternity leave, holiday or redundancy pay in their business. Projected across the country’s 5.2 million-strong micro-business sector, this potentially equates to millions of people working without the same kind of basic entitlements that employed workers have. Notably, people’s appetites for additional benefits varied depending on the structure of their business with sole traders more likely to value benefits (rating sickness provision 8.7 out of 10) compared to those working through their own limited companies who gave a score of 6.4 out of 10 for sickness provision.

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June 20, 2017

Extending the length of working lives could boost UK GDP by £80 billion ⁰

by Neil Franklin • News, Wellbeing, Workplace

The UK could boost its GDP by around 4.2 percent (around £80 billion at today’s values) if the employment rate of workers aged over 55 could match that of Sweden, the highest performing EU country, according to a new PwC analysis comparing the employment of older workers across 34 OECD countries. There is a 12 percentage point gap between the employment rates of workers aged 55-64 in the UK and Sweden. PwC’s Golden Age Index is a weighted average of indicators – including employment, earnings and training – that reflect the labour market impact of workers aged over 55. The UK has remained middling in the rankings since 2003, falling by one place from 18th in 2014 from 19th in 2015. The report suggests that extending working lives could have a transformational effect on the economy.

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June 20, 2017

Half of UK employees say the workplace has a negative impact on their wellbeing ⁰

by Sara Bean • News, Wellbeing, Workplace

UK employers are falling short of fully supporting mental health in the workplace, with half of UK employees say their workplace has a negative impact on their physical, mental and financial wellbeing, a new survey claims. And according to the Global Employee Benefits Watch 2017/18 from Thomsons Online Benefits of over 2,000 office workers around the world, multinational organisations are not using benefits effectively to improve employee wellbeing and provide a positive workplace experience. Almost 40 percent of employees cite improving mental wellbeing as a life goal, yet less than half of those (18 percent), feel that their benefits scheme supports this. The situation is similar for those wanting to get fit and healthy; 44 percent of employees are keen to do this, yet less than half of them (20 percent) say their employer is helping them to fulfil this ambition.

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June 12, 2017

We need to design for a multigenerational workforce ⁰

by Joe Huddleston • Comment, Workplace design

Excitingly, the workforce is becoming increasingly diverse. However there’s more talk about millennials in the workplace than anyone else. In stark contrast to popular belief, the reality is that the British workforce is getting older on average which means that office design must now consider a new set of workplace requirements. The challenge for designers is to create inclusive environments that address the needs of highly skilled and experienced older workers, while still providing productive environments for all users, ensuring the entire multigenerational workforce is engaged, happy and productive. International bodies are already worried about the fiscal impact of an older workforce, in May the World Economic Forum (WEF) said that a looming fourfold rise in over-65s by 2050 is the financial equivalent of climate change. With people born today having a life expectancy of more than 100, WEF warned of more years in the office to provide financial security in later years, as well as a creeping retirement age heading towards 70. This ageing population and workforce will certainly need consideration when it comes to supporting their health and wellbeing.

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June 8, 2017

Long term problems predicted for EU businesses if gender pay gap persists ⁰

by Sara Bean • Legal news, News, Workplace

As we reported earlier this week, more needs to be done to ensure that female representation in the boardroom increases; and now a new report paints a negative future for European businesses if the pay gap isn’t adequately addressed. Mercer has warned that a failure to address the EU’s substantial gender pension gap (40 percent), could cause long-term problems for businesses and governments alike; as through its analysis, the consultancy has found that the pension gap varies widely from one member state to another, however half have gaps of 30 percent or more. In its white paper The Gender Pension Gap – From Awareness to Action Mercer outlines the key drivers behind the pension gender gap, how it will impact companies and how they can start to address it within their workforce. Women continue to be significantly under-represented at all levels of the work force; in the EU their participation rate is 10 percent lower than men. The European Commission’s recent proposal for a directive on work-life balance for parents and carers, including the introduction of carers’ leave for dependent relatives, aims at addressing this under-representation.

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May 30, 2017

We will soon all have to work into our 70s, claims World Economic Forum ⁰

by Mark Eltringham • News, Workplace, Workplace design

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.

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May 11, 2017

Three quarters of people expect to work beyond the age of 65, claims report ⁰

by Mark Eltringham • News, Wellbeing, Workplace

For all the talk about the growing number of Millennials at work, most of the interesting stuff about workplace demographics appears to be happening at the other end of the age scale. A record number of employees now expect to work past the official retirement age and many expect to work up to the age of 85, according to a new study by Canada Life. It claims that 73 percent of UK employees will work past the age of 65, up from 67 percent in 2016 and 61 percent in 2015. More than a third (37 percent) of these could be older than 70 before they retire and 10 percent expect to be at least the age of 85 when they retire, if they can retire at all. Younger workers are particularly likely to expect to work past the age of 65, rising to more than four in five (84 percent) of 25-34 year olds. Many expect to be unable to afford to retire but a growing number will continue to work because they want to.

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May 1, 2017

Government should end bogus gig economy jobs, claims parliamentary report ⁰

by Mark Eltringham • Flexible working, News, Workplace

Companies operating in the gig economy and relying on supposedly self-employed workers are denying workers their rights and freeloading on the welfare state, according to a new report from The Commons Work and Pensions Committee. The report cites what it calls “appalling practices” in its inquiry into self-employment and the gig economy. The committee said the numbers of self employed had grown to 5m, or 15 per cent of all UK workers in recent years, fuelled in large parts by the firms like Uber and Deliveroo, whose business models rely on a largely self-employed workforce. In its report the Work and Pensions Committee says Government must close the loopholes that are currently allowing “bogus” self-employment practices, which are potentially creating an extra burden on the welfare state while simultaneously reducing the tax contributions that sustain it.

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March 28, 2017

Surge in the number of people working into their seventies ⁰

by Neil Franklin • News, Wellbeing, Workplace

The number of British people working past 70 years old has increased markedly over the past four years. Poor pensions, personal choice, greater life expectancy and changes to pension laws have all been highlighted as factors behind the increase in the latest report on demographic trends from the Office of National Statistics (ONS). The largest increase was seen amongst women, with the proportion of women working into their seventies doubling from 5.6 percent in 2012 to 11.3 percent last year. Around 150,000 women over seventy are now thought to be working. Meanwhile, the number of men working past the official state pension age has also increased, but at a slower rate, from 10 percent in 2012 to 15.5 percent last year.

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February 7, 2017

Brexit impact on UK’s future workforce size could undermine productivity ⁰

by Sara Bean • Knowledge, Legal news, News, Technology, Workplace

With the UK facing at best, very slow growth, or even shrinkage, of the working population, future changes to migration levels into the UK due to Brexit could exacerbate the financial stresses and strains caused by the UK’s aging workforce. This is according to the Mercer Workforce Monitor™ which claims that companies will need to invest heavily in automation, sectors of society historically under-represented in the workforce and look at ways of increasing productivity. According to the analysis, since 2013, the levels of EU and non-EU born immigration into the UK workforce has filled a gap left by the aging of the nation’s UK-born workforce which sees more in this group leave the workforce – through retirement, emigration or death – than enter it. National growth is closely linked to workforce growth; so reducing its future size would create major headwinds for the UK economy and since another 3.4 million people will reach the age of 65 in 2030; unless the UK decides to make drastic changes to the funding of pensions, health and social care, this smaller working population will be required to proportionally spend more of their income to care for their older citizens.

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February 7, 2017

Employers urged to create age friendly workplaces to help retain older workers ⁰

by Sara Bean • Flexible working, News, Wellbeing, Workplace

Employers should provide full and equal access to flexible working arrangements, occupational health support and appropriate workplace adaptations to help older workers to manage health conditions at work. This is according to a new report from the Centre for Ageing Better, Fulfilling work: what do older workers value about work and why? which identifies the characteristics of work that are important to people aged 50 and over, and explores actions employers can take to attract and retain them. Understanding what older workers want is the first step in helping employers, policy makers and others create age-friendly workplaces. By 2020, one in three workers will be over 50 but while the employment rate for all working age adults remains at a record high of nearly 75%, for people over 60, this falls to around 50%. and there are currently 12 million people heading towards an insufficient retirement income. Ageing Better commissioned the Institute of Employment Studies to carry out the study as to ways of helping people stay at work and the report finds that health is the most important factor affecting older workers’ decisions to continue in work, ahead of job satisfaction and job quality.

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