Veterans cushioned by discrimination laws

Older workers in other industries are reportedly losing their jobs before new age discrimination laws are imposed in October. But employment lawyers say veteran City employees are now safe.

"Any bank that wants to dismiss older employees in advance of the new age discrimination legislation has now run out of time," says Jane Mann, head of employment law at Fox Williams. "There might be the odd case where they've got an existing problem situation and they'll get a move on. But with only three weeks left, it's too late to start making redundancies at this stage."

Mann's verdict should come as good news to older employees who fear losing their jobs in the City's traditional autumn cull before bonuses are paid out. From October, they'll be able to claim unlimited compensation if they can prove their dismissal was down to discrimination on the basis of age.

The charity Age Concern, employment law specialists and the Citizens' Advice Bureau have all reported a recent spate of complaints from older staff claiming to have been sacked without warning in advance of the new legislation, the Sunday Times reported last weekend.

But Michael Moran, chief executive of Fairplace, the outplacement company, tells eFinancialCareers.com that City banks are behaving like model corporate citizens as the legislation approaches. "Having had their fingers burnt very badly with things like sex and race discrimination, they're taking this very seriously. I can't see them trying to get under the bar."