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Working Forever? Harman to Abolish Retirement Age
by Jonathan Cassidy
Deputy Labour Leader Harriet Harman has hinted at government plans to abolish a compulsory redundancy age, which will make it impossible for an employer to force anyone to retire on the grounds of their age. In a speech to the campaign group Age UK, she called the current compulsory retirement age of 65 "arbitrary." It does not fit the current business world, she claimed, when at 65 most people feel that they still have plenty more energy left in them for a vibrant working life.
At the moment employers can force people to stop work aged 65 without paying them any sort of compensation, whether or not they are willing to give up their employment.
As the baby boomer generation approaches their mid sixties, many do not feel ready to disappear from the workplace entirely - there are already 1.4 million people over the state retirement age who work part time. Harman claims that allowing employers to force people to retire confines them to the scrapheap, which "bears no relationship to people's ability." She thinks that employers have to get used to the idea of the "wellderly" - a generation of older people who have kept themselves healthier and fitter for longer. As such employers have to recognise the contribution the over 60s can continue to make.
But the change is not just a cultural one. With a national life expectancy set to rise above 80, most of us have not saved enough to survive for 20 or 25 years' without earning. Even though older workers can draw their state pensions while working, many older people will still suffer financial hardship.
It's well known that the earlier you start saving for your pension, the better. However, in a country gripped by debt and high living costs, this is easier said than done.
"Some people don't start saving concertedly until they are over 40," says John Lawson, head of pension policy at Standard Life. Will the abolition of a compulsory retirement age mean that we will leave it even later? Lawson believes that it might.
Employers' groups have given mixed reactions to Harman's plans. It's well known that the CBI will be disappointed if this move goes ahead, as they were hoping for the introduction of a higher age limit, if any change has to be made to it at all. On the other hand, employers can console themselves with the thought that their workforce will be enriched by the skills and experience of its older members.
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