Article date: 7 November 2001
Britain's bosses are shunning the over-60s workforce, a newstudy reveals today.
And it is employers’ fears about the health of older staffthat are depriving the over- 60s of the chance to prove theirworth.
Norwich Union’s ‘Grey Matters’ research showsthat three quarters of all British employers don’t employanyone over the age of 60, despite the skills and experience theycould bring to the workplace.
The study, involving 300 employers from all industries, revealsthat more than four in five employers think that the over-60s couldmake a significant contribution to the workplace.
Norwich Union’s ‘Grey Matters’ study revealsthat the main concerns employers have about taking on staff over-60are:
- Health and safety issues
- Not staying in the job as long as a younger employee
- Not fitting in with younger staff and environment
- Unsure of the legalities
- They wouldn’t do as good a job as a younger person
- Bad for the company’s image
Commenting on the findings, Daren Carter, head of equity releasemarketing for Norwich Union, said: “Our research shows morethan three-quarters of Britain’s bosses do value age andexperience and believe that the over-60s can make a significantcontribution in the workplace. Yet many employers are concernedabout the health, safety and legal problems of employing olderstaff.
“At present, the tendency to favour youth over experienceis leaving a significant and highly skilled section ofBritain’s workforce out in the cold. However employers thinkthey will take on more staff aged over 60 over the next 10 years,as the population ages.
“We have discovered that people certainly don't stopleading an active life when they hit their 60s - in fact many ofthem want to do more rather than less, which could include working,volunteering and doing more with their leisure time.”
Mr Stephen Alambritis, of the Federation of Small Businesses,said: "It is the duty of every employer, large or small, to recruiton the basis of the best person for the job. And in today'sbusiness climate, that could increasingly be someone who is overthe age of 60".
Norwich Union offers a choice of equity release plans whichallow older people to unlock the cash tied up in their properties,putting cash in their pockets so they can get the most out ofretirement.
People interested in finding out more about NorwichUnion’s equity release products should call 0845 300 2493 ortalk it over with their own Financial Adviser.
For further media information, contact Anja Kueppers or MatthewBuchanan at QBO on 020 7379 0304 or Louise Zucchi at Norwich UnionPress Office on 08703 666860
Notes to Editors:
- Norwich Union commissioned Continental Research to conduct anindependent survey of 300 small/medium
- businesses. The survey was carriedout in September 2001.
- Norwich Union offers two options for people wanting to releasecash from their home. The Flexible Cash Release Plan releases acash lump sum and the Flexible Income Release Plan enablescustomers to receive a regular income – or the option totake up to 25 per cent of the money released as a cash lump sum aswell as a regular income. Loans are secured by a legal charge ontheir property.
- Security is required CHECK THAT THIS MORTGAGE WILL MEET YOURNEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR WANT YOUR FAMILY TOINHERIT IT. IF YOU ARE IN DOUBT SEEK INDEPENDENT ADVICE.
There is nothing to repay during the customers’ lifetimeunless the house is sold or they need to go into long termcare.
The plans should be seen as a lifetime commitment. Substantialearly repayment charges may be payable if the loan is repaid for areason other than death or long term care needs.
Full terms and conditions or a personal illustration areavailable on request.
The income under a Flexible Income Release Plan is provided by aNorwich Union Immediate Life Annuity. The annuity has no cash invalue at any time. Part of the income received under a FIRP istaxable as savings income.
Entitlement to state/tax benefits may be affected by taking outan equity release plan.
Norwich Union only advises on its own products.
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