The link below opens up an interactive and thought-provoking chart illustrating how the population of the UK is gradually growing older. The application allows you to choose which demographic indicator you wish to explore – from the percentage of the population aged 0-15 to that which is above state retirement age and beyond.The ageing of the United Kingdom 1992 - 2031
The implications from an HR point of view are obvious, so think about the following questions?
- What does an increasingly older population mean from an employee resourcing point of view?
- How might the information on the chart be of relevance to the Pension Funds of major UK companies?
- How might companies respond to the peaks and troughs in the age of the workforce?
- The UK High Court has recently ruled that it is not unlawful for companies to force employees to retire at age 65 (though it is likely that this ruling will be amended in the near future) How might the information on the chart be used to reverse the recent High Court ruling?
Implications on retirement provision are huge:
ReplyDelete1. Companies close final salary schemes as true cost becomes apparent (already happening)
2. Individuals don't build up enough funds in money purchase schemes to retire on a decent pension (will become more marked in say 20 to 30 years)
3. More reliance on state and children for retirement support.
4. But those children are currently the generation of spenders not savers...
Jeremy: Great to read the view of an expert in these matters!
ReplyDelete