More than two-fifths (45%) of respondents believe that flexible working or part-time opportunities are of the highest importance when it comes to supporting an ageing workforce, according to research by Canada Life Group Insurance. Its survey of 1,004 full and part-time UK employees also found that, of the respondents that plan to work beyond the […]
289 Results found for “ageing workforce”
The combination of changing retirement legislation and a lack of employee pension savings means employers are being faced with the inevitability of an ageing workforce. David Piltz, Head of Trustee Services, shares his views on how this might impact employee benefits packages. Until October 2011, an employer could compulsorily retire employees at 65. In the […]
When it comes to the challenges surrounding the ageing workforce, [many employers] will be interested in how compensation strategies will have to be adapted, for example, in terms of pay, different benefit packages and training programmes. And behind all this is the question of whether older workers are as productive as their younger counterparts, more productive […]
It is four years since the default retirement age was completely abolished in the UK in October 2011. Since then, some one million workers have taken advantage of the freedom to carry on working into later life, according to government estimates published by the Department for Work and Pensions in October 2014.
The likely impacts of an ageing population have been under discussion in the UK for a number of years. However, while it has always been recognised that this will affect many employers in some way, what has been less clear is the potential extent of the cost impacts of an ageing workforce.
When it comes to the specifics of health-related employee benefit provision, there has at times been an understandable temptation to see the changes most employers made in the wake of removal of the default retirement age and the exemption the healthcare and risk industry secured in 2011, as the end of the story. However, the reality is that it is probably just the beginning.
In this Insight Bulletin, Buck Consultants explores how many employers providing such health-related employee benefits are now revisiting their approach in order to ensure future proofing from a legislative perspective where possible, and also to keep some sort of control on the overall costs emanating from an ageing workforce.
Employers have to think more strategically about how to adapt their workforces to take on the challenges presented by the ageing workforce. Speaking in a session titled ‘The impact of the ageing workforce’ at Employee Benefits Connect on 4 March at the Lancaster London, Dr Bernard Casey, principal research fellow at Warwick Institute for Employment […]
Over a quarter of employers (27%) have introduced flexible-working initiatives to meet the needs of their ageing workforce, according to research by Group Risk Development (Grid). The group risk employer research study, which surveyed 500 UK businesses and 1,000 employees, also found that 19% of employers are modifying roles and 16% changing procedures to ensure […]
Employers need to devise a strategy for supporting their ageing workforce with immediate effect, according to Chris Minett, managing director of AgeingWorks. Speaking at Employee Benefits’ Group risk debate, sponsored by MetLife, in September, he said: ”Employers must recognise which employees are being affected and provide proactive rather than reactive support.” ”What we’re actually keen to help […]
A poll conducted in May for Employee Benefits by insurer Friends Life found that 75% of adults believe older staff should have the same access to employer-provided rehabilitation services as middle-aged and younger workers in the same organisation (see box below).
The government has set out a framework for action to support employers in keeping an ageing workforce in employment. Its action plan, Fuller working lives – A framework for action, found that the UK economy could have been boosted by £18 billion in 2013 if the employment gap between people in their 40s and those between the […]
EXCLUSIVE: Barclays Corporate and Employer Solutions has partnered The Positive Ageing Company to launch an online tool to help employers support the challenges of an ageing workforce and their differing financial needs. The tool will sit within Barclays’ Money Works website. It offers employers information and advice to help staff assess monthly outgoings to ensure they […]
The UK’s changing demographic will create a number of challenges for employers, but perhaps the most pressing will be the need for organisations to help employees understand the realities of living longer.