A survey has revealed that many UK workers would prefer to receive a bigger pension contribution from their employer in exchange for a smaller basic salary due to ongoing concerns about the country's economy.
According to research from consultancy firm Aon Hewitt, 56 per cent of those questioned said they would be willing to take a pay cut in favour of larger pension payments, while 37 per cent wanted greater protection in the event of long-term sickness.
"The war for talent may not yet be in full swing again, but employers need to start restocking their benefits armoury in preparation," said the company's principal John Puddephatt. "Employees clearly value non-financial benefits."
He added that a growing number of employees are becoming concerned about their long-term financial security, with the state retirement age scheduled to be increased to 66 by 2010.
Last week, Laterlife training director Dave Sinclair suggested that organisations should be more willing to provide lifestyle advice for individuals approaching the end of their working lives.
Posted by Cameron Thomson