Demand for working beyond state pension age set to soar
The demand for working beyond 65 looks set to increase markedly in the next 15 years, according to the research, ‘Future demand for working among older workers’, from the Chartered Institute of Personnel and Development (CIPD).
Based on a survey of 1,000 workers aged between 50 and 64 years, it finds that just under two fifths (38%) of individuals plan to carry on working beyond 65. Currently, only 11% of the workforce work beyond State Pension age.
Other key findings from the report include:
- Most of those planning to continue working would like to carry on with their current employer, either in a full-time (39%) or part-time (22%) capacity.
- Exactly half of those planning to carry on working past 65 anticipate retiring between the ages of 67 and 70.
- More than two thirds say that they need to work beyond 65 primarily for financial reasons.
- 42% of men say that they definitely want to work beyond 65 compared with 34% of women.
- Of those who said they did not plan to work past 65, 31% would change their mind if their employer allowed them to work flexibly.
The CIPD warns that if the Government fails to encourage older workers to stay on by extending the right to request flexible working and making pension arrangements more flexible, it will miss its target of having 1m older workers in work.
One fascinating fact that emerged from the survey is that 4% said they would seek to work past 65 so as to minimise the amount of time spent with their partner. That gives formal requests to work on beyond retirement age a whole new social dimension – “Don’t make me spend more time at home – it’ll drive me mad!”
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