Saturday 17 August 2019

Only a third of people want to keep working after age of 66


Stock photo: PA
Stock photo: PA
Laura Lynott

Laura Lynott

Research shows only 32pc of people would like to continue working beyond the age of 66, as concern grows financial pressure is leading some to delay retirement.

Statistics from 1,000 employers and employees surveyed revealed that 61pc believe they will have no choice but to work beyond 66 years of age.

But less than a third - 32pc - want to continue going to work post 66, showing a high level of dissatisfaction with the State's pension plans.

Under current Government policy, workers will not be entitled to claim a €13,000-a-year State pension until the age of 67 from 2021. And in 2028, workers will not be eligible until they are 68.

Alone CEO Seán Moynihan said: "Most people are happy to retire at 65 and a minority want to keep going.

"The problem is the necessity of having to work.

"As the Government raises the pension age, people are losing €13,000 a year.

"They have to stay in work and pay taxes for longer. The decision from Government is a blunt instrument to look at how we control pension spending, but it's not taking any account of the stress and health concerns of older people.

"Six out of 10 people over 50 have a chronic disease, 21pc of over 65s have frailty or pre-frailty.

"The problem is we can't keep upping the pension age because people will physically find it very hard to work and this comes back to choice."

Mr Moynihan said the high cost of living and housing would force more people to continue working into older age and this would in turn prevent them helping care for grandchildren.

He said he was concerned about the "stress" working into the autumn years could place upon people and he felt this could translate into health problems placing further stress on the HSE.

The 'William Fry Employment Report 2019: Age in the Workplace' examined an ageing workforce and mandatory retirement.

It found 53pc of women stated their job has a retirement age, but only 44pc of men said this was the case.

Some 58pc of those aged 19 to 34 believe it's difficult for younger employees to manage older colleagues.

The research also found recruitment practises are "bias" towards hiring younger people for jobs but many employers have developed age-diverse policies.

Celine Clarke, head of advocacy and communications at Age Action Ireland, said: "The key point in all of this is 'choice'.

"Many older people want to continue working but fall victim to mandatory retirement clauses."

Irish Independent

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