I'M NOT RETIRING, I'M CYCLING ACROSS THE SOUTH OF FRANCE
The time honoured workplace tradition of the ‘carriage clock’ retirement gift has been consigned to history, according to a new survey.
Research by Asda has shown that pocket watches, carriage clocks, and hip flasks for those retiring from the workplace are now a thing of the past with the adventurous, baby boomer generation taking a new approach to retirement.
Asda's research revealed that the baby boomer generation isn’t opting for the quiet life of Sudoku and gardening as they edge towards retirement and they want a long service gift that reflects their changing needs.
Fifity to sixty year olds are much more active than their predecessors and are more likely to cycle across France or go surfing on Bondi beach, than tend to herbaceous borders and do crosswords, so long service gifts are changing to reflect that.
Modern day retirement gifts are less likely to involve jewellery or artefacts, and are much more based upon experience. Those retiring in 2006 are more likely to receive air miles (10%), computer equipment (7%) or outwards bounds equipment (4%).
Kirsty Leyland, Asda’s head of colleague relations said, “Society is changing and people are remaining active for longer. Everyone’s worried about the pension gap but people can play a greater role in our economy well into their seventies and beyond.
"More and more older workers are choosing to work, rather than feeling they have to because of financial pressures, often on a part time basis.”
When Asda’s people retire, they can receive either cash or a gift worth up to £300, an ex gratia payment of up to eight weeks’ salary dependent on length of service, a bouquet of flowers and anyone that’s clocked up 20 years service, gets to keep their colleague discount card for life, saving 10 per cent on all their shopping.
Many colleagues at Asda are reporting that they are using the money to fulfil dreams that were put on hold because of having children, such as travelling or buying property abroad.
One sixty seven year old has even bought himself a Kawasaki 900 and is driving across Europe.
But Asda also acknowledges that many of its army of older workers want to carry on working well beyond the traditional retirement age, so the company doesn’t wait until retirement to reward colleagues for their service and give them the chance to pursue a long- held ambition.
Anyone who’s worked for Asda for 25 years is given an extra week’s holiday that year, £300 cash and a gift.
The survey by Asda has also spotted that retirement itself is changing. Seven out of ten people are actually looking forward to continuing working during retirement.
Kirsty Leyland said, "It gives them that extra bit of money to do all the hobbies and outdoor pursuits that they want. Working part time is the new retirement."