This month, there have been suggestions that the retirement and state pension age could be increased to reflect that there is longer life expectancy and the additional costs that are associated with supporting an aging population also increasing.
The reason for the change
A report published by ‘Decades for Change’ predict that by 2056 the state pension age could be 70 years of age. The Government has also confirmed this month and launched a second state pension age review.
We are also seeing a shift in employment and people remaining in work longer. This has developed because of the use of new technologies which have enabled more remote working, there is generally more acceptance of various forms of flexible working. Plus, with the rising costs of living, we are likely to also see people remaining in employment for longer.
For additional support on this topic, our HR Document Shop offers helpful policies and templates including how you can manage the retirement process.
Employers who discriminate on grounds of age are breaking the law. In April this year, we covered the statistics regarding age discrimination in the workplace, and the issues that many employees face whilst at work.
For more information about age discrimination in the workplace, you can read our full update here.
Age friendly policy
We have recently introduced a new policy to support employers who recognise the significance in becoming an age friendly employer. It covers all aspects of employment for how you can support older employees leading up to retirement.