The number of people who work past pensionable age is set to double over the next decade.
A survey by insurers Prudential has found that about 1.8 million people will be working beyond the state retirement age in 10 years’ time, up from 750,000 today.
The trend is expected to be more marked in larger companies, with almost two-fifths of the finance directors surveyed saying that they expected staff to request to work past retirement age.
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Implications for businesses will include greater spending on benefits, such as medical insurance bills and death-in-service payouts, reports the Financial Times.
Workers in the north are expected to be most affected. Employers in the north, north west and Yorkshire and Humberside expect more than 16% of staff to work beyond retirement age by 2019, compared with 2.4% in London and the south east.
