Who is going to keep us in our old age?Over 50s in the workforce set to rise and younger workers diminish
Laura MarianiShare
ThePeopleAlchemist Edit: HR, Business and workforce planning
The number of over-50s in the UK workforce is set to rise by nearly 800,000 by 2022 like most advanced economies. Because they are enjoying better health and living longer, British citizens need to work longer to pay for retirement.
The number of people of retirement age for every 1000 of working age is set to rise to 370 in 2039 and, consequently, many companies are revising their pensions strategy and approach.
The employment rate for those aged 50-64 is now the highest on record, and they seemingly keep on spending whilst embracing flexible retirement - which benefits both themselves and UK plc as it has created jobs and opportunity for all with far-reaching economic benefits.
Older workers really have the ability to help grow and strengthen our job market and our economy as a whole. So, on this aspect, a definite plus.
The government has scrapped the default retirement age at 65 and is phasing auto-enrolment for company pensions to make sure that workers can pay for their own retirement
There are fewer young people entering the workforce and those who do are spending more time in education first and organisation will be potentially competing for fewer and fewer new graduates and school leavers.
