65 plus age group employment rates are at their highest levels since 1984

According the latest statistics issued by DWP (Department for Work & Pensions) the over 65s have never been working longer. The report issued last week cites ‘In 2015, there were over 1.1million individuals aged 65+ employed – an employment rate of 10.2% which is more than double the rate in 2001 (4.9%)’.

Putting these recent trends in employment into context we should perhaps consider the increases in State Pension age (SPa) for women. Since back in 2010 it has been gradually increasing from 60 years of age, rising to 65 by November 2018, at which point it will be equal to men’s Spa this alone will account for a large proportion of the over 65s workforce. There are over 1.1 million people working beyond age 65.

The latest figures also point to the fact that there are now more people aged 50 to 74 in work than at any point in history equating to a 3.7 million more than there were 20 years ago.The unemployment rate for people aged over 50 has dropped to 3.3%, the lowest level since 2009.

Many businesses already recognise the value of older workers. For example, Barclays’ ‘Bolder Apprentices’ scheme creates opportunities for people wanting to start a new career in later life. Other firms, such as hospitality firm Whitbread, are also seeking the skills and knowledge of older workers.

Employment Minister Damian Hinds said:
It is clear that people over 50 aren’t slowing down or getting ready for retirement. I want to see businesses supporting this momentum while also reaping the benefits of the skills and expertise these older people can bring to the workplace.

People in later life are increasingly looking to stay in work and it is important that more businesses look for ways to support them.