Age Concern has added its voice to those arguing for scrapping of the mandatory retirement ages (MRAs).
Its report Choose not lose the right to work – the case for scrapping mandatory retirement ages - outlines why it is beneficial for MRAs to be abolished in terms of the economy, women and businesses.
Businesses which don’t have MRAs and which actively recruit over 50s claim up to 40% lower rates of absentism and a sixth of the rate of staff turnover, according to the report. Workers over 50 contribute a quarter of the country’s economic output and if the million extra older workers who could work did so, this could add £30 billion to the annual economic output.
The arguments for individuals and women working beyond a mandatory retirement age are that savings gap problems will be eased and the current situation where one in five single women live in poverty could be avoided.
The Government needs to comply with the anti-age discrimination directive to be implemented by the end of 2006. Abolishing MRAs is essential to the success of this law, says Age Concern.
“Ending mandatory retirement ages is the lunch-pin of effective age discrimination legislation,” said a spokesman for the charity, “Unless MRAs are abolished, the new law will unravel. MRAs will be used to justify refusing to promote, retrain or recruit workers.
“Ending MRAs will play a key role in meeting the Government’s economic objective of extending working life and ensuring economic sustainability as the population ages.”IFAonline
Went into administration April 2018
Threat of legal action looms over Woodford IM
View from the front row
Retirement Planner Forum 2019