Half of SMEs keep staff on beyond pension age » SMEInsider

Half of SMEs keep staff on beyond pension age

The term “older workers” is typically taken to mean those aged 50-65, but nearly half (48%) of UK SMEs have employees older than 65.

There are now over a million over-65s in the workforce, a rise of 63,000 in a year. Rising state pension ages mean that this number is likely to keep going up. The vast majority of SMEs have a positive attitude to their older workers, with just one in 20 saying that they would be “hesitant” about employing more, according to new research by Legal & General.

“Older workers present a real opportunity for employers and the research shows that many SMEs in the UK recognise the potential offered by this experienced resource,” said Vanessa Sallows, Benefits and Governance Director for Group Protection at Legal & General Assurance Society.

At present, men in the UK can retire at 65 and women at 63. However, by 2018, the retirement age for women will also be raised to 65. The average retirement age for men has remained steady at 64.7 for the past two years, but for women it has risen from 62.6 to 63.1 years.