Standard Life welcomes the Government’s announcement of public consultation on employment rights for unpaid carers
Unpaid carers review is welcome and offers real opportunity to make progress towards keeping unpaid carers in employment “Unpaid carers are essential to families and communities, yet many struggle to balance these responsibilities with work. This challenge is especially true for those over 501, who often take on caring duties during the critical stage in the lead up to retirement age. "Carers are more likely to fall out of work than the wider working-age population2, damaging their ability to earn and save for later life. Many also cut their hours or move into lower-paid roles because of caring commitments, which can have lasting effects on their financial future. “Our research shows one in five (20%) of carers in work worry that caring will affect their ability to continue working until their preferred retirement age, compared with 8% of non-carers in work3. The ‘carers pension gap’ - £37K “Helping more carers stay in sustainable paid work for longer is key to reducing their risk of poverty in retirement. “Almost half (47%) of carers aged 60 to 65 have no private pension savings at all. And among those who do, pension wealth is 17% lower than the UK average, a shortfall of around £37,0004 . “The Government’s consultation of employment rights for unpaid carers offers a real opportunity to make progress. The existing right to five days’ unpaid carer’s leave was a welcome step forward, and increasing this entitlement should be considered. However, unpaid leave alone will not be enough. “The consultation should also consider the role of paid carer’s leave in helping people remain in work. Standard Life has been a longstanding advocate for paid carer’s leave, with research consistently demonstrating its importance in enabling unpaid carers to stay in employment. “Employers that can offer paid carer’s leave, alongside more flexible working options, will help to protect their employees’ financial security and retain experienced, valuable staff.” -- ENDS --
