Saga has confirmed that more people in their fifties are planning to work past the current state pension age of 65, and delay their retirement
More people in their fifties are planning to work past the current state pension age of 65, confirms a recent study.
Insurance firm Saga’s annuity service data reveals that 27% of over-50s are planning to work past the age of 65.
The number of people working beyond the state pension age has nearly doubled since 1993 and now stands at 1.41 million, according to The Office for National Statistics (ONS).
So as more people plan to delay their retirement, what does this mean for recruitment?
“We have all seen the people who welcome shoppers into supermarkets. These are often people past the traditional retirement age, working for a myriad of reasons, but one may be that with low interest rates their retirement plans have been extended,” says Grovelands Director, David Leen.
“Firms will increasingly have a ‘blended’ workforce and I think we will see more different employment types; contract, temp, permanent, fixed term contract and interim. Firms will want to have more flexibility within their workforce, so a predominantly permanent one will not work moving forward.”
David adds: “Depending on how legislation changes, firms may need to look at how they develop the roles they offer their older workforce to suit their personal situation as well as their physical ability.”