This report from Chartered Institute of Personnel and Development summarises an event organized by the Institute and the Trades Union Congress on the changing landscape of age and retirement. The key message from the event is that demand for working beyond 65 looks set to increase markedly in the next 15 years.
Currently, only 11 percent of the workforce work beyond State Pension age, but some two fifths of individuals plan to carry on working beyond 65. More than 30 per cent would change their mind if their employer allowed them to work flexibly. Among those who said they did not plan to work past 65, 31 per cent would change their mind if their employer allowed them to work flexibly. This change alone would result in more than 50 per cent of people working beyond 65.
Men are more likely to plan to work beyond 65 than women. Over 40 per cent of men say that they definitely want to work beyond 65, compared with 34 per cent of women. Currently,the State Pension age is 60 for women and 65 for men. The State Pension age for women will increase gradually from 2010, so that by 2020 it will be 65.
Most of those planning to continue working would like to carry on with their current employer. 39 per cent would prefer to continue in a full-time capacity, while 22 per cent would prefer part time work. The remainder would either work for another employer or themselves.
The report is availablefrom the CIPD. http://www.cipd.co.uk/NR/rdonlyres/28DA26B1-A25B-4E42-AF29-98F75D6ABD64/0/devnewmindev.pdf