“If I retire earlier than the state pension age and then my husband loses his job, it would be a catastrophe,” she added. “I know there are things like universal credit but we’ve never had to lean on government support before and I’m not sure that my husband would even entertain the idea.”
Since the Equality Act 2010 made it illegal to discriminate against someone based on age, employment rates among people aged 50-plus have steadily risen. Before the pandemic, rates had reached a historic high, with a record 10.7 million people aged 50 and over in work – nearly a third of the UK workforce.
Rethinking IT recruitment
IT job applications tend to look for skills in particular technologies, but for some tech roles, life skills and worldly experience are equally important
Share this item with your network: By Published: 28 Jan 2021 15:03
According to the Office for National Statistics, the UK unemployment rate in the three months to November 2020 was estimated at 5%. The data shows that 828,000 jobs have been lost since the pandemic began, with almost half of those workers aged over 45. Meanwhile, research from Microsoft shows a wave of career switching among workers aged over 45 in the UK.
Microsoft reported that more than four in 10 (44%) over-45s are considering switching careers. Nearly one-third (32%) are driven to switch by fears around financial stability and more than a quarter (26%) are concerned about the rising state pension age. Nearly three-quarters (73%) are willing to invest significant time in learning new skills.
Over 45s need more HR support to navigate reskilling hrmagazine.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hrmagazine.co.uk Daily Mail and Mail on Sunday newspapers.
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Pension assets can be accessed from the age of 55 under current rules, with this set to rise to 57 from 2028. While retirees have relative freedom over when they can tap into their pots, doing so without careful planning could lead to problems over the long-term.
STATE PENSION age campaign group Women Again State Pension Inequality (WASPI) has spoken of the fresh challenges some women are currently facing, following the state pension age changes for women.