Employees to work later than retirement age

News Article - 02 June 2010
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Recent research by Aviva reveals 33 million UK adults (68%) intend to work beyond the current retirement age. The research, published in the company's Real Retirement Report, showed that whilst 31% would like to retire between 61 and 65, 29% see themselves giving up work between 66 and 70.

In addition, 12% plan to work beyond 70, whilst 10% say they never wish to stop working. The average age of retirement based on respondent answers was 66. Following retirement, self employment is seen as the best option for the over 55s, with 61% of respondents saying they would like to follow this path. This is followed by retail work (44%) and leisure/hospitality work (27%).

The research points to improving financial standing (60%) as the top reason for continuing to work past retirement age, followed by 'keeping out from under their partner's feet' (54%). Other important reasons were keeping the mind active and interacting with others; these were selected by nearly half of respondents. These figures support experts' suggestions that gradual retirement trends will continue to rise.

Although many employees expect to continue working past retirement age, ill health is cited as the biggest cause of employees being unable to fulfil these career goals. Current estimates suggest as many as eight million over 50 year olds will be dealing with the health issues stemming from obesity by 2025. As of 2010, 40% of retirees list ill health as the main reason behind giving up work.

Companies must consider individual aspirations of employees and ensure retirement plans and retention policies are diverse enough to cope with varied staff wishes. As the Government continues to tackle workplace equality, businesses must show a commitment to the individual or risk reputational damage as a result.

Access business software strengthens the HR function through learning and development modules, allowing employees to submit individual and comprehensive feedback for consideration by management. This feedback can be used to create diverse retirement policies, ensuring all employees are able to follow career aims with the full support of the company. By maintaining staff happiness levels, businesses help ensure they retain key talent and drive down recruitment costs in the future.

For more information, please call Access on 0845 345 3300.

Article keywords: Access business software, HR function, learning and development modules, recruitment costs

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