The over-50s make up one third of UK workforce

The number of over-50s still at work has hit record levels. Pensions Minister Baroness Altman said: “A social revolution is underway as increasing numbers of over-50s realise they are not ‘old’ and want to keep on working.

“It’s a win-win for everyone because they have higher incomes and boost the economy.”

A record 302 in every 1,000 adults employed is now aged 50-plus, data from the Office for National Statistics revealed. That compares with 213 per 1,000 in 1992; a rise of 42 per cent. The number of workers aged 50 to 64 reached a new high of 8.24 million this year.

This total was increased by the removal of the default retirement age in October 2011. It meant employers could no longer force staff to give up work at 65 on the grounds of age alone. Since then, employment amongst over-65s has grown by a third. This is the fastest growth rate of any age group. The second fastest growth rate (at 11 per cent), was among those aged 50 to 64, which suggests that the number of individuals that are working beyond the age of 65 will continue to rise.

Baroness Altman added: “Older people have huge amounts of skill and experience – it would be wrong to waste such valuable resources.”

Link: UK labour market statistics

Posted in MT Financial News.