Shrinking pension pots, rubbish interest rates on savings and investments, together with falling house prices, are causing more and more older workers to consider working beyond the state retirement age.
That’s according to the Employee Outlook survey from the Chartered Institute of Personnel and Development which confirms anecdotal evidence that has been bandied about recently. The survey of 2,000 working people shows the proportion of people aged 55 and above planning to work beyond the state pension age has jumped to 71%, compared to 40% in a similar survey two years ago.
Financial factors are the main reason employees of all ages plan to work longer, with 71% of those aged 55 and over saying this is the case.
While retirement at 55 or 60 may still be quite common in the public sector, it seems that HR professionals everywhere need to be aware of the benefits and challenges of having an ageing workforce.
www.cipd.co.uk
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