SMEs debate the ‘right’ state age for retirement (From Watford Observer)

SMEs debate the ‘right’ state age for retirement

9:10am Tuesday 23rd November 2010 in Business News

New online research from YouGov reveals that only 24 per cent of senior decision makers in small to medium business enterprises believe the current retirement age for men and women is right.

Recent government plans to abolish the default retirement age of 65 by October 2011 have caused major concerns for small and medium businesses. The short time scale in which businesses will have to prepare, in addition to the current economic climate, has promoted apprehension towards plans.

The results show that 36 per cent of senior decision makers in SMEs believe the retirement age should be increased for both men and women. This contrasts with recent findings from the Chartered Management Institute (CMI). Their finding revealed that only a small proportion of UK managers consider their organisation well - prepared to cope with the demands of an increasingly older workforce.

Despite this, only four per cent of respondents feel the retirement age for men and women should be lowered.

When it comes to the issue of sexual equality in the workplace, 84 per cent of senior decision makers in SMEs agree the state retirement age for men and women should be the same.

More than 10 per cent of respondents disagreed with this statement and almost a quarter (22 per cent) believed the retirement age for women should be increased, compared to only one per cent for men.