The increasing number of older workers in the UK has prompted many companies to assess their pension schemes, according to new research.
Some 1.13 million people are in work aged 65 or over and that figure is expected to rise in the coming years.
This is leading companies to consider an overhaul of their pension and benefit schemes, with two in five businesses reportedly looking at new ways of meeting the needs of their workforce.
According to MetLife, some 17% of companies have already done so with the major changes expected to refer to when older employees will be cut off from any schemes.
Firms assessing their options
Another aspect will cover the alteration of health and illness policies that can cover the higher risks associated with people aging.
Some 54% of employers expect a rise in the average age of their workforce, as staff get older or are recruited in.
Official government figures show that there were 1.128 million people aged over 65 in the workforce in the three months until April 2014, some 10.1% higher than in the same period a year ago.
The report, ‘Flexibility in retirement – Planning for change’, was carried out by government advisor Dr Ros Altman who said that over-60s account for 18% of the average workforce across all industries.
Preparing for an older workforce
While 58% of employers are already prepared for a greater number of older workers, 28% said they are not and this could impact upon older members of the community.
Innovative new measures of support are being introduced in some cases but more is still required to help with the management of finances.
Helping workers can be done in a number of ways, from reducing their hours, alleviating stress and altering how they can claim and receive pension payments.
These funds will influence their later life significantly and with interest rates impacting on the amounts that are received, more people are considering their pension funds from an earlier age.
Limiting spending to build up a pension pot
This is resulting in people working for longer in a bid to have additional finance for the future, while that also means not spending as much currently.
For those wishing to cut their everyday spending, loading funds onto a prepaid card could help them go about it.
Only the funds on a card can be spent, ultimately meaning it is easier to budget. It is also worth noting that the lack of a credit facility also prevents debts from being racked up.
The cards can be topped up if necessary and can be used for both in-shop and online purchasing, making them suitable for constant everyday use.