Search Results for: pension

July 28, 2016

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

by Mark Eltringham • Legal news, News, Wellbeing

For 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.

June 28, 2016

Countries aware of but not harnessing full potential of older workers ⁰

by Mark Eltringham • Flexible working, Knowledge, News, Workplace

The idea of a fixed retirement age looks increasingly distant in countries around the world and perhaps none more so than the US. According to a study from the Pew Research Center, based on data from the federal Bureau of Labor Statistics, more US over 65s are working than at any time covered in the analysis, and they are working longer hours. As of May, nearly a fifth (18.8 percent) of over 65s worked full or part time, up from 12.8 percent in 2000. Intriguingly, the study also shows that this represents a significant greying of the workplace as in the overall population, 59.9 percent of Americans are currently in jobs, down from 64.4 percent in 2000. The same pattern is evident even in workers significantly older than 65. Even the over 75s are working at higher rates than they did before the 2008 recession, the only age groups about which that can be said, according to Pew, emphasising the fact that the workplace is getting older rather than younger as is commonly assumed.

June 24, 2016

Property and workplace experts have their say on the Brexit outcome ⁰

by Mark Eltringham • Architecture, Comment, Facilities management, Property, Workplace, Workplace design

Well, the results are in and the UK’s electorate has voted by a narrow margin for the country to leave the EU. There are likely to be other developments but whatever you make of the UK’s decision to vote to leave the EU – and I think it’s fair to say most independent people think it’s inexplicable – there’s no doubt that it will have a profound impact on the UK’s economy, relationship with the world, culture, working conditions and markets. What it will mean in practice won’t be apparent for months or years, of course, but that hasn’t stopped experts who work in the property, workplace, design, legal, HR and architecture sectors having their say on its potential implications. We’ll look at these specific issues in more detail going forward but for now, here’s a round-up of those we have so far, which we’ll keep updated throughout the day as the dust settles on what will prove to be a momentous decision for the UK, Europe and rest of the world.

June 23, 2016

New proposals to create legal status for robots as ‘electronic persons’ ⁰

by Mark Eltringham • Legal news, News, Technology

One of the main side issues in the generally unpleasant debate about the UK’s referendum on EU membership has been that about worker’s rights. Whatever the outcome of today’s vote, the EU is already exploring ways in which legislation should address the challenges created by the modern world. These now include, for the first time, a look at the implications of automation including the drawing up of a new set of rules about the rights and responsibilities of robots and other automated workers. A draft report from the European Parliament’s Committee on Legal Affairs sets out to address the main issues associated with the creation of a widespread automated workforce and its impact on both people and machines, including looking at the impact on the social security and pensions budget (because robots don’t pay into the system), the legal rights of robots and new liability rules for the automated workforce of sophisticated ‘smart’ robots.

May 17, 2016

Employers need to step up to retain older workers and carers, claims CIPD ⁰

by Mark Eltringham • Flexible working, News, Wellbeing, Workplace

With people living longer and fewer young people entering the labour market, Europe’s employers are increasingly reliant on the skills and talents of older workers. However, the ageing population also means that there will be around nine million carers in the UK by 2037, many of whom will be trying to juggle care and employment, according to new research released by the CIPD. It claims that, although the UK’s policy framework for supporting older workers and creating fuller working lives is well-developed in comparison to other European countries, there is a crucial need to turn this thinking into practical action to avoid losing the skills and experience of employees who choose to work beyond retirement. With around 30 percent of the UK workforce currently over 50 compared to 20 percent in the 1990s, the CIPD is urging employers to put the tools and culture in place to support older workers as they represent and increasingly significant proportion of the labour market.

May 17, 2016

Lack of productivity growth continues to impact on UK employment ⁰

by Sara Bean • Flexible working, News, Workplace

The Government to be more interventionist in its support and work in partnership with business to help improve organisations’ productivity to improve salaries and performance, the CIPD has said. This follows the second quarter in a row when the CIPD’s survey of employers has anticipated a pay figure below the Government’s official inflation target of 2 percent. The Labour Market Outlook highlights how low inflation, expanding labour supply and the lack of productivity growth are working in combination to reduce the economic pressure for employers to pay their staff more. The UK is now in its eighth year of a productivity slump, which for employees means that pay growth is likely to remain sluggish until at least the end of the decade and for employers means that low productivity leads to tightened budgets. This ‘jobs-rich, pay-poor’ economy is set to continue as pay awards are expected to only rise by 1.7 percent in the next year.

April 28, 2016

New partnership to encourage creation of age friendly workplaces ⁰

by Sara Bean • News, Wellbeing, Workplace

Between 2005 and 2015 the number of people working over the age of 50 in the UK increased by 2.5 million, while those working over the age of 65 more than doubled. By 2022, there will be 12.5 million job vacancies that need to be replaced due to people leaving the workforce in addition to the two million new vacancies that will be created. However, there are estimated to be just seven million younger people to fill them. Recruiting and retaining older workers will be critical to closing this gap. Now in a major new initiative, the Centre for Ageing Better has gone into partnership with Business in the Community to identify and test what works to recruit, retrain and retain older workers. Through this partnership, it wants to hear from employers across the country who see the benefits of older workers and who are implementing changes to create age friendly workplaces.

March 22, 2016

While politicians squabble, here’s what the Budget meant for the workplace ⁰

by Mark Eltringham • Comment, Facilities management, Legal news, Workplace, Workplace design

Strange as it may seem now, there was a Budget last week. We’d planned to produce a report on it once the dust had settled but given that whatever dust had originally been kicked up has now been swept away by a political storm, it’s only now we feel able to offer some perspective a few days out. As ever these days, the budget touched on a number of aspects of the workplace, sometimes hitting the mark and sometimes suggesting politicians don’t yet understand how people work. There was the usual stuff about rates and commercial property but also plenty to digest about the freelance economy, productivity, new technology, flexible working legislation and the current, often faltering attempts to develop wealth and infrastructure as well as the 21st Century creative and digital economy in places other than London. There’s plenty to digest here and plenty of people have already had their say, so a chance to grab a coffee and take all or some of it in.

March 22, 2016

Third of workers over 50 will retire later than planned, but not all reluctantly ⁰

by Sara Bean • News, Workplace

A third of people aged over 50 who are employed in the private sector are now planning to retire later than they previously thought according to Aviva’s latest Working Lives report. A lack of pension savings (46 percent) is the primary reason for people to postpone their retirement plans, and the amount that would be available through the state pension (32 percent) was also an issue. Not all the reasons given for working longer were negative though, with one in five (21 percent) of those expecting to work longer doing so because they feel they still have a lot to offer their employer. A similar proportion (20 percent) said that job satisfaction has encouraged them to put off retirement. Levels of job satisfaction were highest amongst those aged over 65, with a large majority (86 percent) of private sector workers in that age group saying they enjoy their work, compared with just 57 percent of those aged 18-64.

February 29, 2016

Full employment drive can help over a million more UK over-50s into work ⁰

by Neil Franklin • News, Wellbeing, Workplace

The UK government should find ways to encourage more than one million more over-50 into work by the end of this parliament, claims the Resolution Foundation think tank. The call comes ahead of a final report this week following a nine-month investigation into the issue full employment. The Chancellor announced a commitment to full employment in last year’s Summer Budget, with the government committing to report annually on progress towards this objective. The Foundation says that support for the over 50s, particularly to keep them from leaving the labour force, should be at the heart of the government’s strategy. Older people have contributed the fastest jobs growth of any age group over the last decade, leaving employment rates for workers aged 50-64 and 65+ are at record highs. The Foundation says that previous progress shows this group can and should be at the centre of plans for realising full employment.

February 15, 2016

Government needs to play catch up with needs of the self-employed ⁰

by Mark Eltringham • Flexible working, News, Technology

Politicians and legislators are failing to keep pace with the changing nature of work and as a result many of the UK’s growing army of freelancers feel like second class citizens. That is the key finding of a new report commissioned by the Government and authored by entrepreneur Julie Deane. She claims that the Government should do more to bring the self-employed into line with legislation affecting the wider working population, including access to higher rates of parental leave and pay. The report sets out ten key recommendations, notably that the parental allowance should be brought into line with the rules for employees, who are paid a higher portion of their salary for the first six weeks of statutory maternity pay before the percentage drops. It also suggests that the education system should do more to prepare young people for a changing world of work and that more should be done to offer a choice of workplaces for the self-employed..

February 5, 2016

What the commercial property market tells us about trends in office design ⁰

by Paul Goodchild • Comment, Property, Workplace design

It’s become commonplace in recent years for certain people to foresee the death of the office. The problem with this argument is that, in spite of its drawbacks, office life maintains an attraction for both employers and employees and there will always be an upper limit on how long people want to spend away from other people. Things are changing but the death of the office is a myth. As we’ve known for at least a quarter of a century, there is no absolute need for us to go to work at all. Theoretically we could just do away with offices completely if we wanted to. But as we have seen, the fact we have evolved technology to the point where we could forget about bricks and mortar, doesn’t necessarily mean we will. Not only are there practical reasons for offices to continue to exist, there are emotive ones too. If you want evidence of this, look no further than the records currently being set by the UK’s commercial property markets.