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CBI attacks plan to scrap fixed retirement age
Business Digest: Firms given too little time to prepare for Government’s radical plan
The CBI reacted angrily today to the announcement that the Government plans to axe the fixed retirement age as soon as October 2011.
Under the proposal, firms will no longer be able to force an employee to retire at the age of 65 without paying any financial compensation.
The CBI has criticised the speed of the proposed changes, saying it leaves firms "with many unresolved problems" and little time to prepare.
The Government argues that the change will be beneficial to the economy. By encouraging people to work for longer, increased tax revenue will ease the strain on public finances.
Employment Minister Edward Davey said: "This isn't forcing people to retire later, it gives them the choice.”
Employers say it will add to overall costs and complicate the job of managing a workforce.
Read a full report at BBC News ·
