It is no secret that our workforce is getting older. Gone are the days where we could happily retire at 60, safe in the knowledge that we had a good state pension to rely on.
With the rise in retirement age, which in turn pushes back the state pension age – the latter of which is constantly being reviewed by the government to meet the needs of a rising life expectancy – many of us need to work for longer.
The demographic in the UK is shifting and regardless of whether we want to continue working, inevitably we may have to.
So what does this mean to the employer? It poses a whole new set of challenges, how to manage an aging workforce, and if many of its employees are over the age of 60, how does this affect any protection policies that are in place? There is no doubt that with an aging workforce it will have an impact on premium costs on private medical insurance and income protection policies.
Premier Choice feels that employers should embrace these changes and plan accordingly. An aging workforce is a reality so it is best to view this as a positive and use the services of the older workers to hopefully pass on their skills and knowledge to the newer, younger recruits.
We can help you review your policies and benefits to ensure they are in line with your employee age profile.
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