’Silver exodus’ due to ageism creates issue as state pension age set to rise ‘faster’ | Personal Finance | Finance

Many people will want to continue to work for as long as possible, gaining a sense of satisfaction from their job. However, for some, this has been hampered by reported age discrimination in the workplace.

Research from Canada Life shared with Express.co.uk has shown nearly a fifth of those aged 55 and over feel discriminated against in the workplace – equating to over 3.9 million older workers.

However, the ageism issue presents a challenge when nearly two fifths of over 55s now expect to work beyond their state pension age.

Indeed, there are already plans to raise the state pension age to 67 and 68, with reports suggesting such changes could be accelerated.

The state pension age review is ongoing with the DWP stating “no decision” has been made yet on the matter.

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“Not only to focus on attraction and retention, but to entice older workers back into the workforce, creating diversity of thought and age.”

Chancellor Jeremy Hunt recently touched upon his desire to see older workers ‘un-retire’ and come back to contribute to the workforce.

In a recent speech, he said: “To those who retired early after the pandemic, or haven’t found the right role after furlough, I say, ‘Britain needs you’.

“We will look at the conditions necessary to make work worth your while.”

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The Mail reported pension reforms, such as a hike to the Lifetime Allowance, may be considered by the Government in efforts to entice older people back into the workforce. 

If this were to be the case, Mr Crook said it is vital for employers to rethink how they view the older workforce, embracing the diverse thinking they offer, rather than overlooking this group, which could spur the idea of ‘unretirement’. 

In a similar sense, the expert said older workers could be well supported through offering flexible work, as “not everyone thrives in a 9-to-5 job”.

To help older workers, training could be provided to create an inclusive workplace and reduce knowledge gaps between employees.

Finally, Mr Crook stressed, those in older age brackets of the workplace could benefit from preventative and active health and mental health support.

This could be a major benefit and motivator to keep older Britons in the workforce for longer.

He added: “Now more than ever, employers must think carefully about how they can create and nurture a healthy and happy workforce, introducing benefits to suit a wide variety of circumstances and needs. 

“Employing a mixture of workers of all ages will not only create an environment in which employees can share experiences and skills, but it will also bring a broad range of perspectives to the table.”

A Government Equalities Office (GEO) spokesperson told Express.co.uk: “The Equality Act protects people from discrimination based on their age. No-one should feel forced to leave work because of unfair treatment based on who they are.

“By 2035, over 50s will comprise over half of the UK’s adult population, and employers increasingly need to employ and retain the skills and experience of older workers longer to remain competitive and avoid skills and labour shortages in the future. Jobcentre Plus uses a range of innovative approaches to help older jobseekers find employment.” 

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