More than a third of respondents said they believe they will work past the age of 65, according to research by Canada Life Group.
The report, which surveyed 1,635 UK workers, found that 44% of men said they intend to continue to work past the age of 65, while 33% of women felt they are likely to continue working.
The ageing workforce will have implications on the benefits that an employer offers, such as group risk and healthcare, and the cost of the benefits will need to be considered.
The report also found:
- 48% of respondents said they are not aware of the change to the default retirement age (DRA).
- 29% of respondents said that having people remain in work past the age of 65 will make it harder for younger people to move up the career ladder.
- 27% of respondents said they think employers will be forced to hand out incentives to encourage people to retire.
Paul Avis, sales and marketing director at Canada Life, said: “It is inevitable that having an older workforce will have implications on the kind of benefits that employers can provide.
“For older workers, healthcare provision and group protection products, such as critical illness cover, will become an increasingly attractive part of their employment package.
“If a substantial rise in the number of older workers should occur within the workforce, employers will find it hard to avoid providing these types of products, but may find it more expensive.”
