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Essay / Research Paper Abstract
This 12 page paper considers the potential impact that the elimination of the default retirement age of 65 years will have on the short, medium and long term HRM practices un the UK. The paper looks at the advantages and the disadvantages, considering the impaction skills available for longer, the challenges of managing an older workforce and the impact on occupational pension arrangements. The bibliography cites 15 sources.
Page Count:
12 pages (~225 words per page)
File: TS14_TEpendefault.doc
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Unformatted sample text from the term paper:
with organisations such as Age Concern campaigning for compulsory retirement and the fixed retirement age to be terminated (BBC News, 2011). Subject to parliamentary approval, this is due to change.
It is proposed that there will be a removal of the default retirement age (DRA) which will apply to any employee who is 65 years or older on the 30th
September 2011 (ACAS, 2011). Furthermore employers cannot give compulsory retirement notices from April 2011 (ACAS, 2011). It may be argued that
the removal of the default retirement age was inevitable given the increasing cost of retirement and the shortfall impacting many employees due to face retirement over the next few decades.
When combining this with the cost of retirement to the welfare state and the need for the government to reduce costs, the move was one which could have been predicted.
By extending the working life of employees there is increased earning capacity over a longer period of time, as well as longer to contribute towards a pension. However, the CBI
has warned that the changes are being brought in too quickly and there could be some unforeseen short term consequences (Jones, 2010). Employers need to assess the potential impact this
may have on their organizations in order to adapt and develop suitable strategies. The short term impact may see more employees staying on at work past the ages of
65 years in 2011/12. The initial problem faced by employers is the transition between the default retirement age and its abolition. For many years there has been a default retirement
age. Many employers have human resource management (HRM) strategies that have already allowed for the retirement of these employees, this is particularly relevant in a difficult economic climate. In 2011
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