Best Recruitment Insurance

Over-50s are ‘driving UK’s jobs miracle’

Experts say older workers will be all-important to addressing the looming workforce shortages

The UK’s record employment boom is being contributed to significantly by older workers in their 50s and 60s, part of a wider long-term trend that could see older age groups dominate the labour market.

Official figures by the Office for National Statistics (ONS) have revealed that around 33 million UK people are now employed, or 76% of those eligible for work, which is an all-time high.

“When you dig beneath the headline figures it becomes clear the UK’s jobs ‘miracle’ is in fact almost entirely driven by older workers,” Tom Selby, senior analyst at AJ Bell, said.

Out of 357,000 new jobs in the UK in the past year up to April, over 300,000 of these were given to workers aged 50+. By comparison, the number of workers aged under 24 decreased by 43,000, while those aged 65 or older increased by 80,000, partly due to the rise in the state pension age.

“There is a massive change going on around us that I don’t think people are fully appreciating and businesses aren’t fully appreciating,” says Alistair McQueen, head of savings and retirement at Aviva.

“We estimate that the over-50s group will represent one in three workers by 2025 and will become the largest age group demographic by 2030,” he added.

Long-term trends suggest that Britons now live longer and more are working for longer too, with companies encouraging their older employees to delay retirement, attracting them with more flexible working. The rise in self-employment and the gig economy also means workers can more easily transition into retirement.

The ONS states nearly one in 12 of those in their 70s are still working, a significant increase from the one in 22 working ten years ago.

“The rise is down to more older people trying to stay active or struggling to get by on paltry pensions,” The Sun says.

It is also about changing work patterns and “a growing understanding of the many health and social benefits that come with working into retirement,” Stuart Lewis, founder of jobs site Rest Less, told The Guardian.

“Work patterns are changing,” says Lewis. “Gone are the days of working hard five days a week for four and a half decades before suddenly stopping and retiring cold turkey.”

The Daily Telegraph suggests “there are a few ways policymakers could tackle the drop off” but using younger workers from abroad to make up the shortfall could prove tricky as “a post-Brexit Britain is likely to have tighter rather than more liberal immigration rules” while boosting the birth rate would also be difficult “given that it has remained below 2 per woman since 1974 and such policies would have a lagged impact even if successful”.

Patrick Thomson, senior programme manager at the Centre for Ageing Better, suggests employing older workers could help companies who are struggling to find workers with the right skills.

“With fewer younger people starting work to replace those set to retire in future years, and uncertainty over Brexit and worsening skills and labour shortages, it’s vital that employers adopt age-friendly practices like flexible working,” he told the BBC.

7 comments

  1. It’s great to have the opportunity to read a good quality article with useful information on topics of interest. I agree with your conclusion. I am waiting for your future updates.

  2. They always try to provide as much as jobs they can provide to the public. So, they start working and earn money. It’s good to step.

  3. Very useful information I will post the post and come back to find out your information. Thanks for the dark post that will definitely come back.

  4. Companies offering papers for sale should help students perform well by delivering papers prior to deadline.Early delivery of papers is very important because it results in good performance of learners.

  5. [* Shield plugin marked this comment as “0”. Reason: Human SPAM filter found “excellent blog” in “comment_content” *]
    Excellent Blog. I really want to admire the quality of this post. I like the way of your presentation of ideas, views and valuable content. No doubt you are doing great work. I’ll be waiting for your next post. Thanks .Keep it up!

  6. [* Shield plugin marked this comment as “0”. Reason: Human SPAM filter found “/best-” in “url” *]
    Nice blog, it’s so knowledgeable, informative, and good looking site. I appreciate your hard work. Good job. Thank you for this wonderful sharing with us. Keep Sharing.

  7. [* Shield plugin marked this comment as “0”. Reason: Human SPAM filter found “great article” in “comment_content” *]
    Such a great article, needed this for my blog. Keep posting more informative stuff like this.

Comment on this story

Your email address will not be published. Required fields are marked *

*

Join the BIoR to be part of creating excellence in recruiting standards & service

Send this to a friend