Rise in post-retirement age workers
Ageing productively. Government figures show that 95,000 more people aged 50 or above are now in work than during the last quarter of 2007. In March 2008, there were a total of 1.3 million men and women working over the ages of 65 and 60 respectively. This is an increase of 8.8% on 2007 figures, making post-retirement age workers the fastest growing group in the labour market.
Trend to continue. With all the bad press about poorly performing pension funds, it’s not surprising that older workers need to work longer; particularly when you factor in the effects of the current economic downturn.
Facing the challenges. Managing this changing demographic will mean altering your approach to employing older workers. So if you wish to allow someone to stay on, even part-time, be sure to provide them with the same opportunities that you would a younger worker. For example, provide equal access to training and any benefits package that you offer and, where applicable, update any equalities policy that you have to include post-retirement age workers.
For a free equal opportunities policy, visit http://personnel.indicator.co.uk (PS 10.18.08).
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