48 per cent of Brits choose to retire early
Despite the United Kingdom's introduction of age discrimination legislation in 2006, ageism is still rife in the workplace, according to a new study.
The study by insurer AXA found 60 per cent of British retirees in 2007 retired before the minimum legal age of 65. While most chose to retire early, 20 per cent were pressured by their employer.
However, that percentage is down from 28 per cent in 2006, indicating that the new legislation is having some effect.
"Despite legislation making it unlawful to discriminate against workers on the grounds of age, our study clearly shows that some employees are still being coerced into early retirement; meaning employers could be leaving themselves dangerously exposed to litigation," said Steve Folkard, head of pensions and savings policy at AXA.
"The cost of a successful claim can be significant and will be even higher when legal costs and damage to reputation are taken into account."
The study also found British workers are more likely to choose early retirement (48 per cent) compared to the international average (36 per cent). This is almost double the numbers that retire early in both France (23 per cent) and India (25 per cent).
While the study found that 51 per cent of working Brits expect to work after retirement, only 11 per cent of retirees actually do so. The study also found 27 per cent of retirees are in favour of increasing the minimum age of retirement, up from 19 per cent in 2006.
The study by insurer AXA found 60 per cent of British retirees in 2007 retired before the minimum legal age of 65. While most chose to retire early, 20 per cent were pressured by their employer.
However, that percentage is down from 28 per cent in 2006, indicating that the new legislation is having some effect.
"Despite legislation making it unlawful to discriminate against workers on the grounds of age, our study clearly shows that some employees are still being coerced into early retirement; meaning employers could be leaving themselves dangerously exposed to litigation," said Steve Folkard, head of pensions and savings policy at AXA.
"The cost of a successful claim can be significant and will be even higher when legal costs and damage to reputation are taken into account."
The study also found British workers are more likely to choose early retirement (48 per cent) compared to the international average (36 per cent). This is almost double the numbers that retire early in both France (23 per cent) and India (25 per cent).
While the study found that 51 per cent of working Brits expect to work after retirement, only 11 per cent of retirees actually do so. The study also found 27 per cent of retirees are in favour of increasing the minimum age of retirement, up from 19 per cent in 2006.
