A new survey by the London Chamber of Commerce and Industry (LCCI) and Penningtons Solicitors LLP reveals that London employers are ill-prepared to deal with the implications that the abolition of the default retirement age (DRA) may have on managing their workforce. Entitled Tackling the age-old problem of retirement, the findings show that 57 per cent are not prepared for and 26 per cent do not know about the biggest change to 2011 employment law.
The key findings of the survey are:
- More than half (57 per cent) of respondents have not yet taken any action to deal effectively with the April and October 2011 changes to the retirement age, although more than four out of ten (43 per cent) respondents consider themselves to be either quite well or very well prepared.
- More than a quarter (26 per cent) of respondents are not well informed about the abolition of the DRA.
- More than three quarters (78 per cent) of respondents think that workers should be retained on their ability rather than their age.
- More than two thirds (68 per cent) of respondents agree that the UK’s employment legal framework needs to be modernised. Although over a third (38 per cent) agree or strongly agree that keeping people at work longer will NOT solve the pensions’ crisis.
- More than half (56 per cent) are concerned that older employees may refuse to retire even when they cannot perform their job effectively, and 54 per cent are concerned about the lack of clarity about how to legitimately retire employees.
- More than four out of ten (44 per cent) of respondents are concerned that there will be more age-related and Disability Discrimination Act (DDA) tribunal claims for unfair dismissal and that there will be fewer promotion opportunities for younger workers.
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