Majority of staff want to work beyond 65 – survey
Willis Towers Watson report finds majority of companies have set retirement age at 65
Staff across 71 per cent of Irish companies have asked to work beyond 65, their contractual retirement age, according to a new survey. Photograph: iStock
Workers in the Republic want to work beyond their contractual retirement age of 65, a survey from a leading pensions provider shows.
Staff across 71 per cent of Irish companies have asked to work beyond 65, their contractual retirement age, according to the survey from Willis Towers Watson.
Of the 136 businesses it surveyed, the company found that 85 per cent had a contractual retirement age in place, while 90 per cent of those have set their retirement age at 65.
Brian Mulcair, head of corporate benefits consulting at Willis Towers Watson, noted that there has recently been a “myriad” of significant developments in the area of retirement age flexibility.
“Over the last year, the Government set out in its roadmap for pensions reform that it has the clear aim of allowing employees flexibility to remain in the workforce for longer. The Workplace Relations Commission also released a code of practice for longer working.
“In line with this we have seen the age at which the State pension becomes payable increase from 65 to 66, with a further increase to age 67 in 2021 and to age 68 in 2028.
“In light of these developments, some employers are looking to review their generally inflexible retirement age policies in order to support those employees that wish to work beyond the traditional retirement age.”
He added that for many workers, the retirement age of 65 no longer symbolises the start of a “work-free era” as they would rather continue working longer. Such a view was reflected by the fact that 65 per cent of companies are currently considering the introduction of retirement age flexibility.
“Clear work policies in this regard are crucial, or employers could find themselves in challenging circumstances over the next few years as more and more employees request flexibility. Ever increasing numbers of age discrimination cases are being brought before the Workplace Relations Commission,” Mr Mulcair said.