Britain's bosses are shunning the over-60s workforce, a new study reveals today.
Britain's bosses are shunning the over-60s workforce, a new study reveals today.
And it is employers’ fears about the health of older staff that are depriving the over- 60s of the chance to prove their worth.
Norwich Union’s ‘Grey Matters’ research shows that three quarters of all British employers don’t employ anyone over the age of 60, despite the skills and experience they could bring to the workplace.
The study, involving 300 employers from all industries, reveals that more than four in five employers think that the over-60s could make a significant contribution to the workplace.
Norwich Union’s ‘Grey Matters’ study reveals that the main concerns employers have about taking on staff over-60 are:
- Health and safety issues
- Not staying in the job as long as a younger employee
- Not fitting in with younger staff and environment
- Unsure of the legalities
- They wouldn’t do as good a job as a younger person
- Bad for the company’s image
Commenting on the findings, Daren Carter, head of equity release marketing for Norwich Union, said: “Our research shows more than three-quarters of Britain’s bosses do value age and experience and believe that the over-60s can make a significant contribution in the workplace. Yet many employers are concerned about the health, safety and legal problems of employing older staff.
“At present, the tendency to favour youth over experience is leaving a significant and highly skilled section of Britain’s workforce out in the cold. However employers think they will take on more staff aged over 60 over the next 10 years, as the population ages.
“We have discovered that people certainly don't stop leading an active life when they hit their 60s - in fact many of them want to do more rather than less, which could include working, volunteering and doing more with their leisure time.”
Mr Stephen Alambritis, of the Federation of Small Businesses, said: "It is the duty of every employer, large or small, to recruit on the basis of the best person for the job. And in today's business climate, that could increasingly be someone who is over the age of 60".
Norwich Union offers a choice of equity release plans which allow older people to unlock the cash tied up in their properties, putting cash in their pockets so they can get the most out of retirement.
People interested in finding out more about Norwich Union’s equity release products should call 0845 300 2493 or talk it over with their own Financial Adviser.
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For further media information, contact Anja Kueppers or Matthew Buchanan at QBO on 020 7379 0304 or Louise Zucchi at Norwich Union Press Office on 08703 666860
Notes to Editors:
- Norwich Union commissioned Continental Research to conduct an independent survey of 300 small/medium
- businesses. The survey was carried out in September 2001.
- Norwich Union offers two options for people wanting to release cash from their home. The Flexible Cash Release Plan releases a cash lump sum and the Flexible Income Release Plan enables customers to receive a regular income – or the option to take up to 25 per cent of the money released as a cash lump sum as well as a regular income. Loans are secured by a legal charge on their property.
- Security is required CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT SEEK INDEPENDENT ADVICE.
There is nothing to repay during the customers’ lifetime unless the house is sold or they need to go into long term care.
The plans should be seen as a lifetime commitment. Substantial early repayment charges may be payable if the loan is repaid for a reason other than death or long term care needs.
Full terms and conditions or a personal illustration are available on request.
The income under a Flexible Income Release Plan is provided by a Norwich Union Immediate Life Annuity. The annuity has no cash in value at any time. Part of the income received under a FIRP is taxable as savings income.
Entitlement to state/tax benefits may be affected by taking out an equity release plan.
Norwich Union only advises on its own products.
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