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Business loan for meeting challenge of age regulations
Reported on Tue, 20 Jun 2006
British firms should start thinking about how to change recruitment practices and work schedules to prepare for the introduction of new age laws, according to the Confederation of British Industry (CBI) - and taking out a business loan could assist with a mini-overhaul.
New laws coming into force in October will require companies to find new ways to accommodate older workers and incorporate more senior staff into their firm without discriminating on grounds of age.
The CBI said it was a healthy sign that three-quarters of British firms were offering flexibility around the age of retirement, with 40 per cent providing continuing full-time employment rights and 25 per cent extending the chance of project-based or seasonal work to those over the age of 65.
"We are now living longer, healthier and more active lives. At a time of increasing skill shortages, we cannot afford to overlook the talent and experience that exists in the over-50s," said CBI director general John Cridland.
He suggested that "all aspects of employment practices need to be reviewed - from more generous sick pay and holiday leave for longer serving staff as well as special treatment on training or health promotion for certain categories of employee".
A business loan could offer support for companies undergoing a process of change to working hours and recruitment policies, to ensure that profits are not dented by the experience.
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