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Associate Article

 13 May 2008 13:18 BST

More people than ever work past retirement age

Research suggests that public fears over the repercussions of the current pensions fear are partly responsible for a record number of people, of pensionable age and over, seeking and taking on new jobs.

Approximately 1.2 million people, aged from 60 to over 65 have taken menial jobs, for which many of them are over-qualified, in order to support themselves through uncertain times. Employers are also phasing out incentives for their employees to retire early, meaning that the availability of suitable positions for the pensionable workforce is greatly reduced.

The saving habits of the public have also been strongly criticized and suggested as a major reason for the surge in use of job search websites such as “Fish4 Jobs” and Total Jobs among those who have reached retirement age. It seems that the average age in which people begin to save money for their retirement is at around the age of 33.

Of the people surveyed, ranging in age from 55 – 64, it was found that only 25% of them had begun to save before the age of 30. A further 14% said that they had not begun to save until the age of 41.

Effectively, the figures generated suggest there may be a current generation, and more generations to come, of those who simply cannot afford to retire. Financial experts are suggesting that employers should take more responsibility for this, by offering their employees free access to professional advice.

Many pensioners who want to work find they are unable to and blame age discrimination as the major cause. 90% of these people believe that their work applications are turned down purely as a result of their age and preconceptions that employers may have about employing an older member of staff, even though an estimated 9 out of 10 say that they would be prepared to undergo training to further their skills in the workplace.

This is in spite of the recent changes to the laws that govern age discrimination, making it an offence to refuse someone employment, solely based on their age.

Employers against these ideas argue that the cost of supplying company healthcare to someone in this age bracket far outweighs their usefulness as a member of staff. Yet those in favour argue that these people are far more productive than their younger counterparts.

With the average pension not being enough to live on without savings or a second income to act as a support, economists are being forced to take a long, hard look at the current and future situation.

But current figures suggest that at least 7 out of 10 people of pensionable age want to continue working through their retirement and there are statistics available that show that utilising their skills and training them with new ones could not only benefit the immediate employer, but also work for the good of the country’s general economy.

Yet, in spite of the arguments, with the increase in predicted life expectancy, many are realising that they simply cannot afford what has been termed ‘a 30 year retirement’.End of story

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