Today’s figures show employment rates for older workers continue to grow. Employment rates for the 50-64 age group have surged from 55.8% in 1984 to 72.5% in 2019. Employment rates for the 65+ age group have more than doubled from 4.9% to 11.4%.
Commenting on the figures, Helen Morrissey, pension specialist at Royal London, said:
“Today’s figures show that older workers are a force to be reckoned with within the UK workplace with the growth being driven by older females. This enables employers to benefit from their experience while workers can benefit from the ability to enter retirement on a more flexible basis by working longer to boost their retirement income or simply because they wish to continue working. This is a trend that benefits both parties and should be encouraged wherever possible.”
Notes to Editors
Economic labour market status of individuals aged 50 and over, trends over time: September 2019 data can be found here
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.