| Grey haired exodus? |
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It seems likely that the Government's new pay freeze and their 1% pay increase will be sufficient to drive significant numbers of public sector workers into early retirement. Workers with final salary pension schemes don't need to do much maths to work out that extra years of work won't increase their pensions, so why not opt for early retirement? With extensive pressure on public sector budgets, it seems reasonable to encourage early retirement for some staff. But what effect will this have? The danger is that Departments and Councils will lose some valuable staff to early redundancy. This may work well for organisations that have invested in their leadership programmes, and have genuinely talented staff ready to take over the reins and run departments. Those organisations that don't have the staff ready to step into the breach could find that they need to replace their skills and expertise with interim managers or consultants. We have seen many examples of managers taking early retirement, only to return to their place of work on a contract basis. Could we see this practice return with a vengeance? |
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Will the announcement of a public sector pay freeze see large numbers of public sector workers seeking early retirement? And how many will return as consultants? |
