In a bid to boost the number of over-50s in the workforce the Government has announced the appointment of Business Champion for Older Workers.
Economist and pensions expert Ros Altmann will seek to convince employers and the business community of the benefits of older staff.
Speaking of her appointment, Altmann said: “This fast-growing section of society has so much experience and talent to offer and could play a vital role in future growth. Everyone can benefit from ensuring their skills do not go to waste.”
Steve Webb, Pensions Minster, said: “Older workers have a huge amount to bring to any workforce and are a vast, untapped talent in the UK labour market.
“The business case is compelling and I am delighted that Ros will now be taking a lead in going out and making that case directly to the business community.”
Marc Zao-Sanders, Managing Director of e-learning specialists, Filtered comments: “With data from Saga indicating that Britain’s debt could be £1.14 trillion higher in the next 50 years as the economy struggles to cope with the growing number of pensioners, investment in training and skills that enable people to work for longer has never been more important. Whether for employee self-education or for the employer, ensuring that older workers remain skilled-up, on top of their game and confident in their ability to work for longer is crucial for business and overall economic growth.
"If this need is not addressed, employers stand to lose out on experience, understanding and know-how."
During this long recession many of our client employers have needed to shrink their workforce to survive . Where they have had long service staff and final salary pension schemes most of their over 55's have taken the option to retire early aware that they will have a good standard of living. If the new older workers guru Ros Altmann is successful in encouraging the over 55's to remain in their jobs for longer , there may be two unwelcome consequences. Firstly younger workers who are likely to have substantial debt e.g. large mortgages may lose their job instead on a last in first out basis of compulsory redundancies. Secondly if older workers remain, who are still in a final salary scheme; whilst newcomers are in a money purchase scheme; then the older workers pension costs will continue to be a much bigger drain on the employers ability to achieve or maintain profitability.
Val Milligan@ Sue
Mon, 21 Jul 2014 8:34am BST
I total agree with you Sue. I am shortly to be 60 and would have love to retire and do all the things that I would like to before I am no longer capable of and really want to do before my time is up. Alas like you I have another 6 years and I find this very depresssing as I feel trapped.
Thu, 17 Jul 2014 2:08pm BST
Sadly as a 'closer to 60 than 50' person, I am being forced to work until I am 66. When I started work, my retirement age was 60, and quite frankly I don't want to be 'enabled' to work longer. I don't want to work at all. But a lack of state pension at 60 is trapping me. There are some people who are not personally defined by being employed, and I would love these intervening years, while I am fit and healthy, to enjoy not working and do as I please. Sadly the government says I can't - so enabling me is not going to motivate me one jot. I've been developed, enabled and trained until I have a vast batch of T shirts, and I don't want any more thank you.