Employers review benefits to meet needs of older workers

More than a third (37%) of respondents plan to review their benefits package to meet the needs of an older workforce, according to research by MetLife Employee Benefits.

Gaynor-Tom-MetLife-2013

Its research, which surveyed 214 HR directors, found that 17% of respondents have already done so.

More than half (54%) of respondents are anticipating a rise in older staff as a proportion of their workforce.

Tom Gaynor (pictured), employee benefits director at MetLife UK, said: “Traditional retirement ages have become increasingly meaningless. We see three major factors at play.

“First, the increase in the number of older workers comprising the workforce; second, longer life expectancies and better healthcare; and third, continued downward pressure on interest rates meaning lower returns on investments and relatively smaller retirement funds.

“Even without the demographic and financial challenges, our recent research undertaken indicates that many people want to work in later life.

“The social benefits and the sense of purpose work brings are significant factors and employers need to step up and respond.

The changes in pension rules being introduced are significant and finally recognise that the old days of a ten-year retirement are no longer the norm.

“It is encouraging that a good proportion of employers are planning to review their employee benefits offerings to ensure they are suitable for older workers, but the majority of employers still need to create a plan of action.

“Providers also need to innovate to ensure that products are suitable for the changes and the challenges ahead.”