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31 Dec 2014

Altmann: Government Should Introduce ‘Pre-Retirement´

Pensions expert and campaigner for older workers Ros Altmann has suggested that the UK government needs to radically rethink retirement in the New Year, the FT Adviser reports.

Altmann feels that 2015 should mark a change in the way that retirement is dealt with, including the introduction of a ‘pre-retirement´ phase, where workers could reduce their hours rather than retire outright.

There could also be the addition of ‘gap breaks´, she advises, where those reaching retirement age could take a period of time off of work, before returning to their previous role or perhaps taking up a mentoring position. This “could be a revolutionary way to manage an aging workforce,” she explains.

The statement comes following research conducted by the EU´s Eurofund, published in a collection of surveys entitled: Work Preferences After 50, Publications Office of the European Union.

The studies showed that more than half (56%) of those approaching retirement would like to carry on working; whilst a similar number (53%) of retired 60-69 year olds wished that they were still in work. Perhaps surprsingly, 44% of retirees aged 70 and above also responded that they would like to still be employed.

In Australia, the concept of ‘long-service leave´ - where workers who have been with a company for more than 10 years are granted three months´ holiday - has so far been successful; Altmann feels that this is something the UK could emulate.

“As people are living longer healthier lives we must not miss the opportunity to extend working life and boost business and the economy, as well as reducing the burdens of an aging population,” she stated.

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