Retirement: workers pushed out early
Sunday 17 February 2008
One in five UK employees are pressured to retire by their employers, according to a survey by insurer AXA, even though employers could face total bills of £45m in 2007-08 for age-related discrimination claims.
Three in five British retirees give up work before the minimum age of 65, the study found. AXA's Steve Folkard warned that "employees coming up for retirement need to be aware of their legal rights – and exercise these if necessary".
The survey also found that Britons are more likely to retire early through choice (48 per cent), compared with the international average of 36 per cent. The UK rate is almost double the number of people retiring early in both France (23 per cent) and India (25 per cent). Workers in Canada (73 per cent) and America (56 per cent) are the most likely to have retired early.
UK attitudes towards working post-retirement are mixed, with over half (51 per cent) of all workers expecting to carry on. But the study showed that only 11 per cent take up a second job when past retirement age.
Around half of those still working (47 per cent) and those retired (49 per cent) do not approve of raising the retirement age.
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