DWP emphasises “fuller working lives” in revisiting Extending Working Lives strategy12th June 2014
The Department for Work and Pensions has published the Government’s new action plan on how they intend to help people have fuller working lives. Fuller Working Lives: a framework for action, explains the benefits of working longer for businesses, society and the economy, and considers how skills, workplace factors, financial security and incentives can help people stay in work longer.
At the launch, Pensions Minister Steve Webb argued that British business must realise the potential of older workers and help people to stay in the workplace longer before retirement. The government has said that they intend to stop people leaving the labour market involuntarily in their 50s and early 60s, as this can be catastrophic for an individual’s retirement finances and can also negatively affect their wider health and wellbeing.
The plan found that the economy could have been boosted by £18 billion in 2013 if the employment gap between people in their 40s and those aged 50 to State Pension age was halved.
It covers the main groups affected, namely carers, people with health conditions and disabilities and individuals who are made redundant.