Job for life ‘virtually extinct’

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Published: Friday 14th November 2014 by The News Editor

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People starting work now can expect to have nine jobs in their career, twice as many as their grandparents, according to a new report.

A “job for life” has become virtually extinct, said insurance firm LV=, with new workers retiring seven years later than their grandparents, with almost a quarter set to work into their 70s.

Recent real time wage falls mean new workers can expect a lower starting salary than their parents.

Richard Rowney of LV= said: “The job for life is clearly a thing of the past, as more of us now move roles and even switch careers.

“The disappearance of generous workplace pensions that were ‘golden handcuffs’ for generations of workers is likely to be a key factor.”

The report was based on a survey of 3,000 employed and retired people.

Published: Friday 14th November 2014 by The News Editor

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