Employment growth is growing faster in the over 50’s population than in the under 50’s, where the workforce population has been shrinking in recent years.
The gap between the employment rate of 50-64 year olds and under 50s currently in work is at its narrowest in at least 25 years as more and more older people stay in work, according to a new analysis.
The analysis by Rest Less, a website for the over 50’s, shows the gap has fallen to just 5%, compared to 17% in 1992.
According to the figures, 72 percent of 50-64 year olds (9.3 million) are in work today – an increase of 86 percent (4.3 million) since comparable records began in 1992 and 27 per cent (2 million) in the past 10 years.
The figures show the employment rate of 50-64 year olds in work has been on a steady increase from just 56% in since 1992 to 72% today. This compares to an increase of just 10 per cent since 1992 in the employment rate for 16-49 year olds. The number of over 50s in the population generally has grown by 45% since 1992, compared to just 4% for 16-49 year olds. Since 2009 the number of over 50’s in the workforce has grown by 14%, while it has fallen by 1% in the under 50’s age group.
Stuart Lewis, Founder of Rest Less, said: “The proportion of 50-64 year olds in work has been on a steady incline since comparable records began and the employment rate is quickly gaining ground on the 16-49s – an age group whose employment rate has historically been significantly higher than all others.
‘The rising state pension age, combined with the transition away from the security of final salary pension schemes is forcing many to continue working for years longer than planned. In addition, the evidence continues to build for the health, social and wellbeing benefits of continuing to work into your 50s, 60s and beyond.
The implications of the rising numbers of 50-64 year olds in the workplace are vast and with future population growth coming almost entirely from the over 50s, employers who find ways to actively attract and retain this talented and hard working section of the workforce will be those that thrive over the coming decades.”
Patrick Thomson, Senior Programme Manager, Centre for Ageing Better, added: “Employers have a huge role to play in closing the employment gap. Offering flexible working can make work possible for those with health issues or caring responsibilities. And, crucially, tackling ageism in the recruitment process will prevent employers from missing out on the skills and experience of older workers.”