Compulsory retirement at 65 to be phased out

People will be encouraged to work longer under government plans to phase out the so-called default retirement age of 65 by October 2011, the Guardian reports.

Currently employers can make staff retire at 65 regardless of their circumstances but ministers signalled that this was set to change as people were living longer, healthier lives.

The proposal to phase out the default retirement age (DRA) is outlined in a consultation document, due to be published today, which will run until October. However, the government said bosses will still be able to operate a compulsory retirement age if they can "objectively justify it".

The move to phase out the retirement age is one of a number of measures the government is taking to help and encourage people to work for longer against the backdrop of demographic change.

New High Street bank opens doors

The first High Street bank to launch in the UK for more than 100 years is opening its doors for the first time. Metro Bank says it will put special emphasis on good customer service, including extended opening hours.

However, analysts said that the mortgage and savings products being launched were not competitive enough to enter the best-buy tables, the BBC reports.

Michelle Slade, of financial information service Moneyfacts, said: "Although they are offering all these other benefits, such as longer opening hours, one of the main things for people is a competitive interest rate.

Write a comment

Required fields are marked with *.

Compulsory retirement at 65 to be phased out