Search Results for: state pension age

Multi generational workplace could boost economy by £25 billion

by • Flexible working, Legal news, News, Workplace

mult generational workplaceThe Government has published a new report which describes the challenges faced by the UK’s over 50s in the workplace and sets out ways in which more of them can stay or move into work. The report is the culmination of eight months’ work by a team led by the Government’s ‘ageism tsar’ Ros Altmann and highlights why action is needed based primarily on the twin issues of demographic change and increasing life expectancy. The report, Retain, Retrain, Recruit, recommends action that would help older workers thrive and ensure individuals, industry and the economy can reap the financial and social benefits of a multi generational workplace. The report outlines how businesses could recruit more older workers, retrain existing staff and provide greater flexibility to retain them as well as setting out measures that should be taken to reflect the multi generational workforce in the media and policy making.

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Majority of UK workers concerned about their ability to retire

by • Legal news, News, Workplace

Man-with-empty-pockets-006A new report from the Chartered Institute of Personnel and Development claims that the majority of UK workers are concerned that their current pension arrangements won’t allow them to retire. It found that the average employee pension contribution to a workplace-defined contribution pension scheme is currently 5 percent, but most employees think they should be saving almost double that (9 percent). Four in ten (43 percent) think they should be contributing more than 10 percent of their salary to their retirement savings and almost a quarter (22 percent) admitted they didn’t know how much they should be contributing. The shortfall between what employees are paying in and what they think they should be paying is highlighted by the fact that over half of UK workers have considered how they might work past state pension age and one in ten people (13 percent) are worried that they will never be able to afford to leave paid employment.

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EU Governments urged to maximise the potential of older workers

by • Legal news, News, Workplace

EU Governments urged to maximise the potential of older workers

The rise in the number of older workers in the UK has been well documented, and the reason is clear, they are a much needed resource. Over the next ten years there are 13.5 million job vacancies which need to be filled, but only seven million young people predicted to join the job market in that time. And the UK is not alone; the EU faces significant skills gaps due to demographic change. But according to a new International Longevity Centre –UK (ILC-UK) report, Working Longer: An EU perspective, supported by Prudential, EU countries urgently need to skill up the older workforce, support more older women in work and address the particular health issues associated with employing older workers. More →

Forget Gen Y – the future workplace is multigenerational

by • Comment, Flexible working, Knowledge, Legal news

Old dog new tricksThere is quite possibly more guff talked about the impact of Gen Y on businesses and the workplace than any other management topic. However, it’s not only wrong to characterise the people of Generation Y as some homogeneous blob with stereotyped attitudes that set them apart from the rest of humanity, but also to miss the point that the workplace is and will remain multigenerational. In fact, according to new data from the Department of Work and Pensions, there have never been more over 50s in work in the UK than there are right now.  There are 2 million more over-50s in jobs than there were 15 years ago and they will form a third of the workforce by 2020. And they will want their own say on things just as much as the much talked about millennials.

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Groundbreaking study reveals work is better for you than retirement

by • Knowledge, Legal news, News, Workplace

Groundbreaking study reveals work is better for you than retirement

The scrapping of the UK’s Default Retirement Age (DRA) two years ago is seen by many employers as a negative step. But now a ground-breaking new study provides evidence that working past a set retirement age is much better for the nation’s health. Work Longer, Live Healthier: The relationship between economic activity, health and government policy, published by the Institute of Economic Affairs and the Age Endeavour Fellowship finds retirement has a detrimental impact on both mental and physical health over time. The stats make for uncomfortable reading for anyone considering taking that long cruise. You’re more likely to be clinically depressed, have at least one diagnosed physical condition and are less likely to enjoy good or excellent health. More →

Older workers remain untapped resource for employers

by • Knowledge, Legal news, News, Workplace

DRA

Employers who ignore Britain’s growing population of older workers could suffer skills shortages and lose an important competitive edge, warns a new government guide. “Employing older workers”, published by the Department for Work and Pensions, warns that Britain is running out of workers. There are 13.5 million job vacancies which need to be filled over the next ten years, but only seven million young people are projected to leave school and college over that time. Yet despite a predicted surge in numbers of employees over 50, employers remain reluctant to recruit older people.

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Beyond the jargon: what insurance benefits really mean to your team

Beyond the jargon: what insurance benefits really mean to your team

by • Company news

Here’s a jargon-free guide to the different insurance benefits you can offer your employees, and the real-life impact they have on your team.Offering a comprehensive employee benefits package is more important than ever, and  Drewberry’s 2024 Employee Benefits And Workplace Satisfaction Survey found that a fifth of employees want insurance to protect their loved ones. But with so many products out there, and terms like “Group Income Protection” and “Critical Illness Cover” making many people’s eyes glaze over, it can be hard to determine the right product for your people – and what they really offer. More →

Getting the long term unemployed back into work will transform the economy, says Government adviser

Getting the long term unemployed back into work will transform the economy, says Government adviser

by • News, Workplace

He argues that this approach is essential to address the unsustainable welfare costs associated with the long term unemployed and to mitigate the "toxic" reliance on immigrationThe rising costs of welfare and the country’s increasing dependency on immigration have become significant concerns, prompting a call for reform from a prominent government health adviser. Alan Milburn, a former health secretary, has emphasised the need for individuals with long-term illnesses and others stuck in a cycle of long term unemployment to actively seek employment. He argues that this approach is essential to address the unsustainable welfare costs associated with the long term unemployed and to mitigate the “toxic” reliance on immigration for the workforce. More →

Four day work week campaigners launch new project in wake of successful pilot

Four day work week campaigners launch new project in wake of successful pilot

by • Flexible working, News, Workplace

Campaigners advocating for a four day work week are gearing up for a fresh pilot project aimed at promoting flexible working practices.Campaigners advocating for a four day work week are gearing up for a fresh pilot project aimed at promoting flexible working practices. The initiative is set to launch in November, with participating companies currently being invited to sign up. The findings from this project will be presented to the government in the summer of 2025. The push for a four-day working week, notably with no reduction in pay, has gained significant traction in recent years, particularly following the Covid-19 pandemic which reshaped workplace expectations. In 2022, a previous UK pilot saw 61 companies participate, and 54 of them continued the practice a year and a half later. Similar initiatives have also been conducted in Germany, Portugal, Spain, and Iceland. More →

Manchester Airport City plan reinvented as £ 1 billion science and tech hub

Manchester Airport City plan reinvented as £ 1 billion science and tech hub

by • News, Property

In a significant development, the ambitious £1 billion plan to transform a 60-acre site adjacent to Manchester Airport is being rebooted. The project, now known as MIX Manchester, aims to create one of the largest science and innovation campuses in the UK, spanning an impressive 2 million square feet of advanced manufacturing and science space. Notably, it will be the only campus of its kind situated next to an international airport, promising exciting opportunities for growth and collaboration. More →

Government to scrap employment programme for disabled people

Government to scrap employment programme for disabled people

by • News, Workplace

two people talking to illustrate the growing number of disabled people in self-employmentA £100 million program designed to help disabled people find work in England and Wales has been quietly cancelled, raising concerns as the government pursues plans to reduce disability benefits. The Work and Health Programme (WHP), launched in 2017, will cease operation this autumn. This news comes amidst Prime Minister Rishi Sunak’s proposed benefit cuts for 420,000 sick and disabled individuals, aiming to push them into employment. Charities warn these cuts could leave many in poverty. More →

The sector responds to the Spring Budget

The sector responds to the Spring Budget

by • Business, News

Yesterday’s Spring Budget included a number of announcements that affect the various people, place and technology professions in the UK. These include a cut in National Insurance, pension fund reforms, support for working parents, AI, helping people back in to work and more. You can see the Government’s own summary here. The various industry sectors have been quick to respond to the announcements. You can see what some people have had to say below, in no particular order. More →

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