‘Over 65s to account for half of all employment growth in next decade’

New analysis suggests over 65s will make up over half of employment growth in the next decade.

Older workers, experience

 

Workers aged 65 and over are likely to be responsible for at least 50 per cent of all UK employment growth in the next 10 years, according to new analysis from over 50s organisation Rest Less.

The analysis, based on population projections from the Office of National Statistics, makes an assumption that the current employment rate of each age group will remain static, and shows that, with population changes alone, the over 65s are likely to be responsible for 52 per cent of all the UK’s employment growth in the next 10 years, 57 per cent in the next 20 years and as much as 62 per cent by 2060.

This will be in part driven by rising retirement ages. Currently the statutory retirement age is 65, but this will increase to 66 by October 2020 and then to 67 between 2026 and 2028. Many people are also opting to work past their retirement age for a wide variety of reasons.

Rest Less’s analysis of the latest ONS labour market data also shows that the number of over 65s in work has grown dramatically.

  • In the last 20 years the number of over 65s employed has grown from 455,000 to 1.31 million – a 188 percent increase.
  • In the past 10 years the number of over 65s in work has increased from 763,000 to 1.31 million – a 71 percent increase.
  • In the past 20 years, the employment rate for the over 65s has more than doubled from 5.1% to 10.9 per cent.

Stuart Lewis, Founder of Rest Less, said: “Population projections for the UK point to large increases in the number of over 65s in the decades to come.  This longevity dividend, if fully embraced, has the potential to be one of the biggest societal opportunities in modern times.

“Increasing numbers of over 65s in the workplace unlocks enormous potential for employers to embrace a talented, flexible and highly skilled workforce – but it also requires many employers to change their outdated stereotypes of age in the workplace and reconsider how they engage with and attract talented older employees.

“Age is the final frontier in the battle for a diverse, inclusive working environment and we have been encouraged by the growing number of pioneering companies coming forward to embrace the opportunity this presents. For employers who value real diversity of thought, the benefits of having 25 year olds working in multigenerational teams alongside 65 year olds can be hugely powerful.”



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