Are you prepared to manage retirement, given the changes on the horizon?
1 January 2014 saw changes in the age at which a state pension becomes available from 65 to 66 years. It will change further to 67 years in 2021 and 68 in 2028.
SFA member companies are now being asked by their employees if they can extend the retirement age from 65 to 66, 67 and even 68 years given the changes on the horizon.
The Employment Equality Act 1998 states that "it shall not constitute discrimination on the age ground to fix different ages for the retirement (whether voluntarily or compulsorily) of employees or any class or description of employees."
It is advisable for companies to set the 'normal retirement age' of the company in contracts of employment, as there is no mandatory retirement age in Ireland and employees over the age of 65 are covered by unfair dismissal and equality legislation.
View the SFA's guide to retirement at small firms, or alternatively contact Jonathan Callan, SFA Executive on 01 6051668 or email firstname.lastname@example.org to discuss managing retirement in your business.