A Web site statement posted by Nationwide Building Society said the new policy, which went into effect Thursday, extended the company’s 2001 rule allowing employees to stay on the job until age 70.
“This new approach to flexible retirement benefits both our employees and the organization,” Jeremy del Strother, divisional director personnel and development, said in the Web statement; “The Society and Nationwide Group Staff Union are committed to diversity and recognize the valuable contribution older employees make to the business.”
Strother said the company’s decision allows it to continue enjoying the benefits of more senior and experienced workers. Nationwide said 12% of its 15,000 workers were over 50.
“Research has shown that there is a strong correlation between employee satisfaction, customer satisfaction and the success of any business. We have found that older employees help increase the levels of satisfaction amongst our customers,” commented Strother, in the statement. “We also know that some employees wish to continue working beyond the normal retirement age, so have enhanced our policies to support those employees, giving them more choice over when they want to retire.”
Nationwide is the UK’s fourth largest mortgage lender and seventh largest retail banking, saving and lending organization by asset size, the company said.