Retirement fears hit SMEs

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More than half of UK businesses fear they will be hit by the abolition of the default retirement age next month with SMEs worried that they will be hit hardest, according to research by recruitment specialist, the Search Consultancy.

Search’s survey shows that one in four companies has a policy of compulsory retirement for employees aged over 65 and a similar proportion believe they will face costs of £50,000 and above when compulsory retirement is scrapped.

Small and medium sized enterprises with turnovers between £6 million and £25 million were the most concerned about the changes and feared increases in operational costs would be the main issue.