Employee Rewards and Benefits News
Number of people working past retirement 'set to double'
Many people are expected to delay their retirement plans, with one new study finding that the number of people working past retirement age will more than double over the next ten years.
Prudential revealed that businesses believe there will be a surge in people delaying retirement, with an estimated 1.8 million people continuing in employment past the state pension age.
The organisation claimed that 753,000 individuals are still in work despite being past the state age of retirement, which will be increased to 65 for both sexes by 2020.
Prudential's director of defined contribution solutions Martyn Bogira explained that due to improvements in health and longevity, as well as the desire of many people to fund a longer life in retirement, it is understandable that many people realise compromises need to be made.
He continued: "The statutory retirement age for men and women is due to rise to 68 by 2046, so working longer will be a fact of life for those entering the workforce today, but these findings suggest that increasing numbers of pensioners will be forced to work later far sooner than this."
The state pension is currently payable from the age of 65 for men or 60 for women born on or before April 5th 1950.
Posted by Michael Ewing
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