Older employees face uncertain future
by Gemma Roskell
Older workers could decide to retire prematurely despite the scrapping of compulsory retirement legislation, according to new research.
Aviva’s latest Real Retirement Report has found that a third of retirees had left the workplace earlier than they wanted to because of company expectations or pressure from their employer.
Some 20 per cent had left due to ill health and age-related conditions, while more than one in ten (11 per cent) retired because of redundancy and concerns that it was too late to seek another position elsewhere.
Employers may also have to address the trend for “down-shifting”, as pre-retirement workers look to work fewer hours in order to rest or pursue interests outside of the workplace.
Just over a fifth (21 per cent) opted for fewer days, while 15 per cent cut down their hours.
Commenting on the data, Aviva’s retirement director Clive Bolton said: “Some people will naturally choose to stop work when they start claiming their state pension, but many are likely to continue working as they genuinely enjoy their roles and gain both social and financial benefits.”
With this in mind, the company advises workers to consider how they can adapt their career in their later years.
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Published on: December 8, 2010
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